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31/07/2001
Consumer credit could grow further if interest rate is cut
A rise in consumer credit that has outstripped City forecasts, and could herald a further cut in interest rates to buoy up the economy.
According to the latest figures, released on Monday 30 July, UK consumer credit has grown by £1.3 billion, with 106,000 new mortgages receiving approval, effectively a rise of 3,000 from first quarter figures of 2001.
The Credit Card Research Group have also released figures that show a 5 per cent increase in card usage during the month of June to £16.5 billion - a rise of 19 per cent on the same month during 2000.
Interest rates have held steady at 5.25 per cent during the past two months despite increasing fears of recession. However, it is thought that when the Bank of England's Monetary Policy Committee (MPC) meets on Wednesday, the outcome of discussions will see the MPC apply caution due to the risk that a cut in interest rates could spark a spree of high street spending and pose inflationary risks. (CL)
According to the latest figures, released on Monday 30 July, UK consumer credit has grown by £1.3 billion, with 106,000 new mortgages receiving approval, effectively a rise of 3,000 from first quarter figures of 2001.
The Credit Card Research Group have also released figures that show a 5 per cent increase in card usage during the month of June to £16.5 billion - a rise of 19 per cent on the same month during 2000.
Interest rates have held steady at 5.25 per cent during the past two months despite increasing fears of recession. However, it is thought that when the Bank of England's Monetary Policy Committee (MPC) meets on Wednesday, the outcome of discussions will see the MPC apply caution due to the risk that a cut in interest rates could spark a spree of high street spending and pose inflationary risks. (CL)
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Inflation rate fall may herald a further interest rate cut
Speculation is growing that a fall in the underlying inflation rate, down to 2.2 per cent, may give the Bank of England’s Monetary Policy Committee further room for manoeuvre to lower interest rates. Continued severe pressure on manufacturing industry has prompted further calls from industry leaders seeking another cut in the UK interest rate.
Inflation rate fall may herald a further interest rate cut
Speculation is growing that a fall in the underlying inflation rate, down to 2.2 per cent, may give the Bank of England’s Monetary Policy Committee further room for manoeuvre to lower interest rates. Continued severe pressure on manufacturing industry has prompted further calls from industry leaders seeking another cut in the UK interest rate.
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Bank of England holds UK interest rate at 4%
The Bank of England has held the main UK interest rate at 4% for the twelfth consecutive month. This is despite a larger than anticipated cut by the US Federal Reserve. Leading economists were split on whether or not interest rates would or should be dropped.
Bank of England holds UK interest rate at 4%
The Bank of England has held the main UK interest rate at 4% for the twelfth consecutive month. This is despite a larger than anticipated cut by the US Federal Reserve. Leading economists were split on whether or not interest rates would or should be dropped.
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