The Bank of England have voted to keep interest rates at their current record low of 0.5 percent.

All nine members of the Monetary Policy Committee voted to freeze rates, going for the safe option as the upcoming EU referendum threatens market volatility.

In a statement, the committee reasoned:

“There appears to be increased uncertainty surrounding the forthcoming referendum. That uncertainty is likely to have been a significant driver of the decline in sterling.

“It may also delay some spending decisions and depress growth of aggregate demand in the near term.”

Governor Mark Carney neglected to give an official Bank of England position on the UK referendum.

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