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07/08/2013
Bank Of England To Hold Interest Rate
The interest rate will be held until the jobless figure drops below 7%, the Bank of England have announced.
Making the announcement bank governor Mark Carney said he estimated some 750,000 jobs would need to be created to reduce the unemployment figure to such a level.
Currently the UK unemployment rate stands at 7.8%.
Mr Carney went on to say that the 7% figure was not a target, but a "way station" where the bank would re-evaluate interest rate figures.
(MH/CD)
Making the announcement bank governor Mark Carney said he estimated some 750,000 jobs would need to be created to reduce the unemployment figure to such a level.
Currently the UK unemployment rate stands at 7.8%.
Mr Carney went on to say that the 7% figure was not a target, but a "way station" where the bank would re-evaluate interest rate figures.
(MH/CD)
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The Bank of England has announced it is to hold the base rate of interest at 0.5% for the fourth month in a row. However, the Monetary Policy Committee (MPC) surprised markets by stating there will be no expansion of its quantitative easing (QE) scheme in order to stimulate the economy.
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Mortgage Lenders Vow To Pass Further Interest Rate Cuts
Four of the UK's biggest mortgage lenders have vowed to pass on the interest rate cuts, which were today announced by the Bank of England (BoE). The bank said the rate cuts, and government measures to boost the economy, "would provide a considerable stimulus to activity as the year progressed".
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