Interest rates in the UK have been held at the record low of 0.5% by the Bank of England for the 15th month in succession.

The Bank also decided not to inject any more money into the UK economy under its policy of quantitative easing (QE).

Economists are predicting that interest rates will not rise before the end of year as the Bank attempts to boost the UK's economy.

"We fully support the decision to maintain interest rates at 0.5% and the size of the quantitative easing programme at £200bn. Given the dangers still facing the economy, the MPC must persevere with expansionary policies that help businesses to invest and grow," said David Kern, chief economist at the British Chambers of Commerce.

"Any consideration of raising interest rates or reducing the QE stimulus must be delayed until there is concrete evidence that economic growth is secure. The UK's recovery is fragile and businesses are still facing acute pressures."