12/01/2006
UK interest rates kept on hold
The Bank of England has kept interest rates on hold at 4.5% for the fifth month in a row.
The decision had been widely expected by analysts. At the bank's December meeting of the Monetary Policy Committee, only one member, Stephen Nickel, had voted in favour of a rate cut.
The announcement comes as a number of High Street retailers, such as Marks & Spencer, Sainsburys and John Lewis, reported strong sales over the Christmas period.
Official figures, also released on Thursday, showed that manufacturing output had had its biggest rise in seven months.
The figures, from the Office of National Statistics, showed that manufacturing output increased by 0.4% in November last year, following a drop of 0.8% in October.
However, business leaders have been left disappointed by the decision. David Frost, director general of the British Chambers of Commerce, said: "British business is disappointed that the MPC felt unable to take firm action to counter the downward pressures on the economy.
"We understand that the MPC faces major uncertainties. But we reiterate that waiting too long before taking corrective action could be dangerous and could cause long-term damage."
(KMcA)
The decision had been widely expected by analysts. At the bank's December meeting of the Monetary Policy Committee, only one member, Stephen Nickel, had voted in favour of a rate cut.
The announcement comes as a number of High Street retailers, such as Marks & Spencer, Sainsburys and John Lewis, reported strong sales over the Christmas period.
Official figures, also released on Thursday, showed that manufacturing output had had its biggest rise in seven months.
The figures, from the Office of National Statistics, showed that manufacturing output increased by 0.4% in November last year, following a drop of 0.8% in October.
However, business leaders have been left disappointed by the decision. David Frost, director general of the British Chambers of Commerce, said: "British business is disappointed that the MPC felt unable to take firm action to counter the downward pressures on the economy.
"We understand that the MPC faces major uncertainties. But we reiterate that waiting too long before taking corrective action could be dangerous and could cause long-term damage."
(KMcA)
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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.
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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.
08 August 2001
Economy slow down predicted by Bank of England
According to the latest economic analysis from the Bank of England, the UK economy will remain weak for the rest of this year. The Bank’s quarterly inflation report indicated that although the economy was expected to begin to recover in 2002 the current pressures on the euro zone economic area were intense.
Economy slow down predicted by Bank of England
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Northern Ireland WeatherToday:Staying cold. Any freezing fog that has formed overnight will slowly thin and disperse during the morning. Otherwise dry and bright much of the day with perhaps the odd coastal shower in the north and east. Maximum temperature 4 °C.Tonight:Dry at first with cloud thickening from the south through the evening. The odd shower, wintry over high ground, over northern counties, becoming more persistent rain over Down and Antrim. Minimum temperature 0 °C.