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07/03/2002
UK interest rates remain unchanged
Interest rates are to remain unchanged at 4 per cent for a further month amid signs that the UK manufacturing sector may at last be on its way to recovery.
Meeting on Thursday 7 March, the Bank of England opted to keep interest rates steady at 4 per cent, with rising house prices, strong high street spending and consumer confidence helping to keep the UK economy from entering overall recession.
Latest figures from the Halifax have suggested that house prices in January have risen almost 17 per cent on the previous figures for the same time in 2001, as low interest rates have supported property prices through cheaper mortgages.
However, the decision to leave interest rates unchanged has received a mixed reception from the manufacturing sector, which is showing tentative signs of recovery, with many analysts calling for a cut in order to provide a much-needed boost in confidence.
Stephen Radley, Economist at the Engineering Employers' Federation, warned that manufacturing had not yet turned the corner, and that it was still looking for signs that would indicate recovery.
He added: "A further cut in rates would help them to look ahead with a little more confidence and in time to reverse the current slump in investment."
Ian Fletcher, Chief Economist with the British Chambers of Commerce, said that he felt that a cut in rates would provide support for the sector, given that "the speed and extent of recovery abroad remains speculative".
(CL)
Meeting on Thursday 7 March, the Bank of England opted to keep interest rates steady at 4 per cent, with rising house prices, strong high street spending and consumer confidence helping to keep the UK economy from entering overall recession.
Latest figures from the Halifax have suggested that house prices in January have risen almost 17 per cent on the previous figures for the same time in 2001, as low interest rates have supported property prices through cheaper mortgages.
However, the decision to leave interest rates unchanged has received a mixed reception from the manufacturing sector, which is showing tentative signs of recovery, with many analysts calling for a cut in order to provide a much-needed boost in confidence.
Stephen Radley, Economist at the Engineering Employers' Federation, warned that manufacturing had not yet turned the corner, and that it was still looking for signs that would indicate recovery.
He added: "A further cut in rates would help them to look ahead with a little more confidence and in time to reverse the current slump in investment."
Ian Fletcher, Chief Economist with the British Chambers of Commerce, said that he felt that a cut in rates would provide support for the sector, given that "the speed and extent of recovery abroad remains speculative".
(CL)
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08 January 2004
UK Interest rates sticks at 3.75%
As expected, the Bank of England has decided to hold the base rate at 3.75% today. The Bank's Monetary Policy Committee (MPC) opted to hold the rate following a quarter point rise in December - the first rise in four years. However, analysts are continuing to warn consumers that rises are imminent in the year ahead.
UK Interest rates sticks at 3.75%
As expected, the Bank of England has decided to hold the base rate at 3.75% today. The Bank's Monetary Policy Committee (MPC) opted to hold the rate following a quarter point rise in December - the first rise in four years. However, analysts are continuing to warn consumers that rises are imminent in the year ahead.
04 September 2001
Bank likely to leave interest rate unchanged
The Monetary Policy Committee (MPC) of the Bank of England are likely to leave interest rates unchanged at 5 per cent. The Committee are due to begin their latest two-day meeting amid a spate of calls for another cut in the interest rate.
Bank likely to leave interest rate unchanged
The Monetary Policy Committee (MPC) of the Bank of England are likely to leave interest rates unchanged at 5 per cent. The Committee are due to begin their latest two-day meeting amid a spate of calls for another cut in the interest rate.
03 October 2001
Mixed signals from UK economy indicators
With the CBI reporting that retail sales in September grew at their fastest rate for five years in addition to other important indicators revealing a fall in activity in the service sector, the UK economy is showing signs of further fragmentation.
Mixed signals from UK economy indicators
With the CBI reporting that retail sales in September grew at their fastest rate for five years in addition to other important indicators revealing a fall in activity in the service sector, the UK economy is showing signs of further fragmentation.
16 May 2002
'Recovery is under way' says Bank of England
The latest Bank of England quarterly inflation report has shown strong signs that the UK economy has passed the low-point of the recession and is on the road to recovery. The quarterly report stated that "there are signs that recovery is under way".
'Recovery is under way' says Bank of England
The latest Bank of England quarterly inflation report has shown strong signs that the UK economy has passed the low-point of the recession and is on the road to recovery. The quarterly report stated that "there are signs that recovery is under way".
08 February 2002
UK interest rates remain on hold
Interest rates are on hold following the Bank of England's decision to keep the current level of interest at 4 per cent.
UK interest rates remain on hold
Interest rates are on hold following the Bank of England's decision to keep the current level of interest at 4 per cent.
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Northern Ireland WeatherThis Evening and Tonight:Showers, scattered in the evening, will clear by midnight leaving the night dry with clear spells. Perhaps a touch of ground frost. Cloud will spread east towards morning. Minimum temperature 2 °C.
