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The BoE has stated that the decision has been taken to prevent the rate of [[inflation]] falling below the two percent target rate.<ref name=CNN1/> Mervyn King, the Governor of the BoE, also suggested there were no other monetary options left as [[interest rates]] had already been cut to their lowest level ever of 0.5% and it was unlikely they would be cut further.<ref name=Times>{{cite news |title=Bank ‘prints’ £75bn and cuts interest rates in half |publisher=The Times |date=2009-03-05 |url=http://business.timesonline.co.uk/tol/business/economics/article5854896.ece |accessdate=2009-03-05 | location=London | first=Gary | last=Duncan}}</ref>
The economy began to climb its way back into growth in late 2009: by Q4 of 2009 with a weak 0.4%; followed by a 0.3% growth in Q1 of 2010, 1.2% in the Q2 then with a 0.7% in the Q3 and the a Contraction of 0.5% in the Q4 making Growth 1.7% in the whole of 2010. Then After growing 0.5% the first quarter regaining that was lost in the Q4 it had lost the chance of double dip recession but had slow growth of 0.3% in the Q2 of 2011. <ref>[http://www.statistics.gov.uk/cci/nugget.asp?id=192] UK Government Statistics</ref>
==See also==
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