The Bank of England have kept the UK base rate frozen at 0.5% this means that rates have been frozen at these unprecedented low levels for a total of 8months. The Bank of England has also decided to continue with their current policy of pumping money into the UK economy with a continued programme of quantitative easing. Some economists believe this could be the new dawn and that the UK economy is ready to start a sustained period of recovery. Could this be the last time we see the use of quantitative easing in our generation? Well many believe it is too soon to tell but there are those who believe we could return to interest rate rises within twelve months. This brings the total spending on quantitative easing to £200billion pounds, most of which has found its way into the purchase of bonds with the electronic creation of bank funding.