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08/05/2003
Bank of England holds interest rates at 3.75%
The Monetary Policy Committee of the Bank of England has announced its decision to keep interest rates in the UK at 3.75%.
The decision by the MPC to hold rates comes in spite of concerns about the increasingly weakened state of the UK economy, particularly the in manufacturing sector.
Though sterling improved slightly on the decision, the pound has hit its lowest level against the euro since the launch of the Eurozone currency.
The decision to hold rates was being billed as a close call. While sterling is weaker, this in turn promotes inflationary pressures within the economy.
However, expectations that there would be a further cut in rates by the MPC was tempered by the latest batch of economic forecasts, the drafts of which are in the hands of the committee.
Economic growth that slowed dramatically in Q1 of 2003 to 0.2% and has confounded expectations of a better performance in the wider UK economy.
Recent reports from the previously buoyant housing market indicate that this market too has slowed, and downbeat surveys gleaned from both the business and the consumer sector have caused concern among analysts.
The consumer sector, which had been supporting the economy, has not yet seen the full impact of the rise in National Insurance, and the CBI recently warned of huge jobs losses if the wider economy could not be kick started back towards improved growth.
(SP)
The decision by the MPC to hold rates comes in spite of concerns about the increasingly weakened state of the UK economy, particularly the in manufacturing sector.
Though sterling improved slightly on the decision, the pound has hit its lowest level against the euro since the launch of the Eurozone currency.
The decision to hold rates was being billed as a close call. While sterling is weaker, this in turn promotes inflationary pressures within the economy.
However, expectations that there would be a further cut in rates by the MPC was tempered by the latest batch of economic forecasts, the drafts of which are in the hands of the committee.
Economic growth that slowed dramatically in Q1 of 2003 to 0.2% and has confounded expectations of a better performance in the wider UK economy.
Recent reports from the previously buoyant housing market indicate that this market too has slowed, and downbeat surveys gleaned from both the business and the consumer sector have caused concern among analysts.
The consumer sector, which had been supporting the economy, has not yet seen the full impact of the rise in National Insurance, and the CBI recently warned of huge jobs losses if the wider economy could not be kick started back towards improved growth.
(SP)
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An extra £50 billion will be pumped into the UK economy over the next four months through the quantitative easing (QE) programme to try and boost demand, the Bank of England has announced. QE is the Bank's scheme that aims to boost the economy by buying bonds. Currently the stimulus stands at £325bn.
BoE To Pump Extra £50bn Into UK
An extra £50 billion will be pumped into the UK economy over the next four months through the quantitative easing (QE) programme to try and boost demand, the Bank of England has announced. QE is the Bank's scheme that aims to boost the economy by buying bonds. Currently the stimulus stands at £325bn.
09 October 2008
Global Markets Rally After Rates Cut
A co-ordinated global interest rate reduction has helped rally international markets, following one of the most financially turbulent weeks experienced in decades. A massive capital injection by central government has helped banking shares boost the UK's FTSE 100 index by around 1.7%. France's Cac index grew by 2.7%, while Germany's Dax added 1.9%.
Global Markets Rally After Rates Cut
A co-ordinated global interest rate reduction has helped rally international markets, following one of the most financially turbulent weeks experienced in decades. A massive capital injection by central government has helped banking shares boost the UK's FTSE 100 index by around 1.7%. France's Cac index grew by 2.7%, while Germany's Dax added 1.9%.
08 December 2005
Interest rates rest at 4.5%
The Bank of England has kept interest rates at 4.5% for the fourth month in succession. The Bank’s Monetary Policy Committee (MPC) reflects the recent rise in inflation and anxiety over retail sales in the run up to Christmas. Last month inflation was forecast to remain above the government's 2% target, mainly due to rising oil prices.
Interest rates rest at 4.5%
The Bank of England has kept interest rates at 4.5% for the fourth month in succession. The Bank’s Monetary Policy Committee (MPC) reflects the recent rise in inflation and anxiety over retail sales in the run up to Christmas. Last month inflation was forecast to remain above the government's 2% target, mainly due to rising oil prices.
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Green Economy Council Rise To The Low Carbon Challenge
The Green Economy Council has held its first meeting to discuss how government and industry can work together to support the transition to a green, low carbon economy and minimise the costs for business while maximising the opportunities.
Green Economy Council Rise To The Low Carbon Challenge
The Green Economy Council has held its first meeting to discuss how government and industry can work together to support the transition to a green, low carbon economy and minimise the costs for business while maximising the opportunities.
05 September 2008
PM Rules Out Fuel Payments
The Prime Minister's decision to rule out cash handouts to households struggling with rising fuel bills has been strongly criticised by trade unionists. Gordon Brown was expected to announce that each household would receive up to £100 to help with energy costs after speaking with power companies.
PM Rules Out Fuel Payments
The Prime Minister's decision to rule out cash handouts to households struggling with rising fuel bills has been strongly criticised by trade unionists. Gordon Brown was expected to announce that each household would receive up to £100 to help with energy costs after speaking with power companies.
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Northern Ireland WeatherToday:After a dry start this morning rain will spread from the northwest across all parts. This afternoon will be dull with some patchy rain and drizzle. Becoming much milder through the afternoon. Maximum temperature 11 °C.Tonight:A cloudy evening and night with a little light rain or drizzle, perhaps some clear periods developing along the east coast. A very mild night everywhere. Minimum temperature 10 °C.
