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The Bank of England has kept interest rates at 0.1 per cent and pumped an extra £100bn into the economy in a bid to help the UK out of what is expected to be one of its deepest ever recessions.

It takes the bank’s total quantitative easing programme – effectively printing new money to buy government debt – to £745bn.

The move was in line with analysts’ forecasts that rates would remain unchanged and the bank’s Monetary Policy Committee (MPC) would expand its bond-buying programme, or quantitative easing, by £100bn-£150bn.

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Eight of the nine-strong MPC voted in favour of the stimulus, with the bank’s chief economist Andy Haldane the only member to vote against, minutes from the MPC showed.

However, the decision means the pace of the bank’s Government bond purchases will slow from around £13bn a week to £5bn.

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