6 May 2011

Interest rates held

11:05 am on 6 May 2011

Interest rates have been held by the European Central Bank and the Bank of England.

UK interest rates have been kept at a record low of 0.5% by the BoE's Monetary Policy Committee.

The BBC reports inflation in Britain is currently at 4%, double the bank's target rate.

Separately, the European Central Bank also held rates for the eurozone, after raising them from 1% to 1.25% last month.

The bank also kept the marginal lending rate and the deposit rate, unchanged at 2% and 0.5%.

ECB president Jean-Claude Trichet said the decision to keep them on hold was unanimous.

Figures issued at the end of last month showed inflation rose in the eurozone from 2.7% to 2.8%.