Economics IA

Topics: Monetary policy, Inflation, Economics Pages: 4 (1480 words) Published: January 11, 2014
COMMENTARY COVERSHEET

IB Economics commentary number:______2_____

Title of extract:
_____ Bank of England Holds Rate at Already Low Level
__________________________________________________________________________ _______________________________________________________________________________ _______________________________________________________________________________ Source of extract:__ http://www.nytimes.com/2013/09/06/business/global/bank-of-england-holds-rate-at-already-low-level.html?_r=0__(Date of access : October 4, 2013) _____________________________________________________________________________________________________________________________________________________ _______________________________________________________________________________ Date of extract: _____ September 5, 2013______________________

Word count:______747______words

Date the commentary was written: _____October 5, 2013_______________ Section of the syllabus to which the commentary relates: Section____2_______

Candidate name: Haimeng Zhang________________________________________________ Candidate number: 003338-_______

Bank of England Holds Rate at Already Low Level
By JULIA WERDIGIER and STEPHEN CASTLE
Published: September 5, 2013

LONDON — The Bank of England made good on its pledge to keep interest rates low on Thursday, amid signs that Britain’s economic recovery was picking up steam. The British central bank kept its benchmark interest rate unchanged at a record low of 0.5 percent. It also said it would hold its program of economic stimulus at £375 billion, or $580 billion. After avoiding a triple-dip recession at the beginning of the year, the British economy started to recover. Relatively low borrowing costs, a buoyant housing market and an improvement of the economic situation in the euro zone, Britain’s largest export market, pushed growth to 0.7 percent in the three months that ended June 30. But the Bank of England governor, Mark J....
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