The Canadian Press - ONLINE EDITION

Bank of England leaves interest rates steady as UK economy continues to gain strength

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LONDON - The Bank of England has kept interest rates steady at a record low of 0.5 per cent and refrained from pumping more money into the economy even as the recovery gathers strength.

Thursday's decision was widely expected, even after Bank of England Governor Mark Carney startled analysts last month when he said that an interest rate rise could happen more quickly than markets expected. The remarks surprised economists who had been expecting a rise next year — and now predictions suggest a rise as soon as the fall.

Though Carney has expressed concern about spiking housing prices, analysts fear that raising rates will dampen the wider recovery.

The Bank of England has instead announced measures to tighten mortgage lending and cool off the housing sector.

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