The Bank is hoping the continued low-interest environment will boost the ailing economy and get people spending again, but the initiative has so far had a limited impact.
The economy continues to shrink and market analysts remain convinced that a sustained recovery remains a long way off.
Nonetheless, there have been some positive signs, with a number of key industry players indicating that we might at least be close to the bottom of the recession.
Mortgage good, savings bad
So what does today's widely-expected base rate decision mean to you?
The move will be welcomed by homeowners on tracker and variable-rate mortgages, who continue to benefit from the remarkably low rates. For example, a homeowner on a £150,000 tracker mortgage would have seen their monthly repayments fall by just over £400 since the base rate began tumbling last October.As for savers, the move means low returns on savings are unlikely to improve during the month ahead
