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05/12/2001
UK interest rates remain unchanged
The Bank of England has left interest rates unchanged at four per cent, in line with analysts' forecasts.
The Bank's decision was widely predicted by City analysts, who said that having reduced interest rates by an unexpectedly high 0.5 per cent last month, the Bank was unlikely to cut again this week.
The Bank of England has now cut rates seven times since February in a bid to stave off a recession, thus reducing the cost of borrowing by two percentage points to a 40-year low of four per cent.
However, many city economists believe that the Bank will cut rates at least one more time before the cost of borrowing starts to rise again.
While the Bank's decision had little impact on the financial markets, the FSTE 100 index of leading shares, which was holding steady at 5,260 points early on Wednesday afternoon, was one per cent up on the day. (MB)
The Bank's decision was widely predicted by City analysts, who said that having reduced interest rates by an unexpectedly high 0.5 per cent last month, the Bank was unlikely to cut again this week.
The Bank of England has now cut rates seven times since February in a bid to stave off a recession, thus reducing the cost of borrowing by two percentage points to a 40-year low of four per cent.
However, many city economists believe that the Bank will cut rates at least one more time before the cost of borrowing starts to rise again.
While the Bank's decision had little impact on the financial markets, the FSTE 100 index of leading shares, which was holding steady at 5,260 points early on Wednesday afternoon, was one per cent up on the day. (MB)
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