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05/02/2004
Interest rates rise to 4%
Interest rates have been upped today a quarter percentage point to 4%, the Bank of England has announced.
The bank's Monetary Policy Committee (MPC), said that it based the decision in the light of the latest quarterly projections for output and inflation, to be published in the February Inflation Report.
The MPC said that although sterling had appreciated, continued growth above trend meant that inflationary pressures were likely to pick up gradually over the next couple of years. Against that background, and despite CPI inflation currently below the 2% target, the committee judged that an increase of 0.25% was "necessary to keep CPI inflation on track to meet the new target in the medium term".
The previous change in interest rates was an increase of 0.25 percentage points to 3.75% on 6 November 2003.
Reviewing the broader economic picture, the MPC said: "The world economic recovery has become more broadly based. In the United Kingdom, output growth in the second half of last year was above trend and business surveys point to a further pickup in the first quarter. Household spending and borrowing have been resilient, and the housing market remains strong."
The Committee's latest inflation and output projections will appear in the Inflation Report to be published on Wednesday 11 February.
The minutes of the meeting will be published at 9.30am on Wednesday 18 February.
(gmcg)
The bank's Monetary Policy Committee (MPC), said that it based the decision in the light of the latest quarterly projections for output and inflation, to be published in the February Inflation Report.
The MPC said that although sterling had appreciated, continued growth above trend meant that inflationary pressures were likely to pick up gradually over the next couple of years. Against that background, and despite CPI inflation currently below the 2% target, the committee judged that an increase of 0.25% was "necessary to keep CPI inflation on track to meet the new target in the medium term".
The previous change in interest rates was an increase of 0.25 percentage points to 3.75% on 6 November 2003.
Reviewing the broader economic picture, the MPC said: "The world economic recovery has become more broadly based. In the United Kingdom, output growth in the second half of last year was above trend and business surveys point to a further pickup in the first quarter. Household spending and borrowing have been resilient, and the housing market remains strong."
The Committee's latest inflation and output projections will appear in the Inflation Report to be published on Wednesday 11 February.
The minutes of the meeting will be published at 9.30am on Wednesday 18 February.
(gmcg)
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Small rise in UK house prices
According to the latest figures from the Office of the Deputy Prime Minister, house prices in September rose for the first time in six months. UK annual house price inflation in September 2005 was 3.3% up from 2.8% in August 2005. Annual house price inflation in London was 1.9% in September 2005, up from 0.8% cent in August 2005.
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House price inflation falls in November
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House price inflation falls in November
House price inflation dropped by 1.1% in the October to November period compared to an increase of 1% in the same period last year, according to the government's latest House Price Index (HPI) figures. The HPI figures published by the Office of the Deputy Prime Minister (ODPM) today revealed that UK house price inflation fell from 12.
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House price growth to slow in 2002
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House price growth to slow in 2002
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14 February 2002
Inflation rises but interest rates unchanged
The Bank of England Monetary Policy Committee (MPC) have decided not to raise interest rates at its monthly meeting, despite inflation warnings from the Office for National Statistics (ONS). The figures released by the ONS revealed an underlying inflation rate that exceeded the rates anticipated by the Bank of England.
Inflation rises but interest rates unchanged
The Bank of England Monetary Policy Committee (MPC) have decided not to raise interest rates at its monthly meeting, despite inflation warnings from the Office for National Statistics (ONS). The figures released by the ONS revealed an underlying inflation rate that exceeded the rates anticipated by the Bank of England.
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Northern Ireland WeatherToday:It will be cloudy again throughout the day. Mainly dry in the morning, but patchy drizzle in places, becoming more widespread and persistent in the afternoon. Freshening southwesterly winds. Maximum temperature 12 °C.Tonight:Cloudy with a spell of heavy rain pushing south through late evening and the early hours, followed by some clear spells. Minimum temperature 6 °C.
