Equities fall further despite interest rates on hold

The Bank of England surprised no one with their midday announcement that they had voted to keep interest rates on hold at their record-low level of 0.5% and that the QE program would be maintained at current levels.  The two members of the committee who voted for interest rate hikes are still there but it is evident that other members are not easily moved from their position of keeping rates lower for longer. The FTSE was unmoved immediately after the news itself but was lower still owing to growth fears as Federal Reserve chair, Janet Yellen, indicated that the US economy is not ready for rate rises and fears linger over the slowing of the German economy and news that the Ebola virus has entered Europe.