In the last monthly decision by the Bank of England's rate-setting Monetary Policy Committee, it has been decided not to make any changes in the interest rates, which has left its multibillion pound asset purchasing program on hold. Low interest rates have been maintained for more than a year now.

"The European Central Bank also stayed on the sidelines, leaving its key lending rate at 1%".

Britain's recovery from the recession is still slow and this decision of keeping rates at 0.5 percent, to maintain the quantitative easing program at 200 billion pounds ($304 billion) was widely anticipated.

"The U. K. economy is out of the intensive care ward, but remains in the High Dependency Unit", said Stephen Boyle, Head of RBS Group Economics.

In the elections scheduled for May 6, the sad state of the economy is expected to be a major factor.

A strong plan has been taken up by the parties, the ruling labour party and the main opposition Conservative party to convince voters that they have made preparations to reduce the country's massive budget deficit. Though, both have warned the people to face some austerities in the future.

The Labour party has definitely gained some support since Britain exited recession at the end of 2009. According to opinion polls, there are chances of a possible hung parliament in which conservatives win a greater share of the vote, but not enough seats to secure an overall majority.