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04/08/2011
Interest Rates Held At Historic Low
The interest rate has again been kept at the record low of 0.5% by the Bank of England's Monetary Policy Committee (MPC).
This comes as no surprise as most economists had anticipated that the rates would remain unchanged due to the subdued economy after new that GDP figures for the second quarter showed growth of just 0.2%.
The Bank also kept its programme of quantitative easing (QE) at £200bn.
"Unchanged interest rates were always a nailed-on certainty," Howard Archer, Chief UK economist at IHS Global Insight told the BBC today.
However, inflation in Britain has jumped to 4.5%, more than double the Bank's 2% target, but most of the Bank's policy-makers believe this will be temporary and are reluctant to put up rates at a time when the economy is flatlining and the government's austerity measures are just starting to kick in.
That prompted two MPC members to vote for higher interest rates, one for more stimulus through QE, and the rest for no change, but it is not known who as the Minutes of this month's meeting won't be published for a fortnight.
(BMcC/GK)
This comes as no surprise as most economists had anticipated that the rates would remain unchanged due to the subdued economy after new that GDP figures for the second quarter showed growth of just 0.2%.
The Bank also kept its programme of quantitative easing (QE) at £200bn.
"Unchanged interest rates were always a nailed-on certainty," Howard Archer, Chief UK economist at IHS Global Insight told the BBC today.
However, inflation in Britain has jumped to 4.5%, more than double the Bank's 2% target, but most of the Bank's policy-makers believe this will be temporary and are reluctant to put up rates at a time when the economy is flatlining and the government's austerity measures are just starting to kick in.
That prompted two MPC members to vote for higher interest rates, one for more stimulus through QE, and the rest for no change, but it is not known who as the Minutes of this month's meeting won't be published for a fortnight.
(BMcC/GK)
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UK Interest Rates Remain On Hold At 0.5%
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Interest rates are to remain the same in the UK at 5% following a meeting of the Monetary Policy Committee (MPC). The Bank of England committee sets an interest rate it judges will enable the inflation target to be met. The decision not to change the interest rate has been expected.
Interest Rates Remain At 5%
Interest rates are to remain the same in the UK at 5% following a meeting of the Monetary Policy Committee (MPC). The Bank of England committee sets an interest rate it judges will enable the inflation target to be met. The decision not to change the interest rate has been expected.
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09 November 2007
Interest Rates On Hold But Cut Likely Soon
Mounting pressure for a cut in the UK's interest rate hasn't produced one yet, but the good news for borrowers is that the Bank of England has at least kept interest rates on hold at 5.75% and indications are that a cut is due next time.
Interest Rates On Hold But Cut Likely Soon
Mounting pressure for a cut in the UK's interest rate hasn't produced one yet, but the good news for borrowers is that the Bank of England has at least kept interest rates on hold at 5.75% and indications are that a cut is due next time.
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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.
