The Bank of England has held interest rates at the historic low of 0.5% for the fourth month in a row.

The Bank decided against spending an extra £25bn in its quantitative easing scheme, deciding to continue with its current plan to spend £125bn.

The Confederation of British Industry (CBI) has stated that more quantative easing will be needed to help the economy before the end of the year.

"A further extension through the autumn is needed, and clear communication of the Bank's intentions throughout will be critical in order to prepare the markets," said the CBI's chief economic adviser, Ian McCaffert.