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04/11/2004
Interest rate hold praised by CBI
The Confederation of British Industry (CBI) has welcomed the Bank of England's decision to leave interest rates on hold at 4.75%.
The last change in interest rates was an increase of 0.25 percentage points to the present level on August 5.
Reacting to the decision, CBI Chief Economic Adviser Ian McCafferty said the bank's Monetary Policy Committee (MPC) was "right to do nothing".
"It's clear the economy has slowed since the summer as the earlier rate rises have begun to take effect and global conditions have become more difficult," he said.
"Quite how well the economy performs into next year is highly uncertain, so the MPC should keep rates on hold until the outlook becomes clearer."
(gmcg/sp)
The last change in interest rates was an increase of 0.25 percentage points to the present level on August 5.
Reacting to the decision, CBI Chief Economic Adviser Ian McCafferty said the bank's Monetary Policy Committee (MPC) was "right to do nothing".
"It's clear the economy has slowed since the summer as the earlier rate rises have begun to take effect and global conditions have become more difficult," he said.
"Quite how well the economy performs into next year is highly uncertain, so the MPC should keep rates on hold until the outlook becomes clearer."
(gmcg/sp)
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UK interest rate left unchanged
The Bank of England has left interest rates on hold for the ninth month running, at 4.75%. The decision by the Monetary Policy Committee (MPC) came shortly after the publication of figures which showed a drop in the output of manufacturing industries. The Office of National Statistics (ONS) reported that the manufacturing output dropped by 1.
28 April 2003
CBI issues call for interest rate cut
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CBI issues call for interest rate cut
The CBI has called for a cut in interest rates on the back of a report, published today, indicating a dramatic fall in manufacturing orders. In its Quarterly Industrial Trends survey, the CBI say it is "particularly worrying" that, with a deterioration in domestic demand, orders have fallen at the fastest rate since April 1999.
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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%.
12 October 2009
Remortgaging Continues To Decline
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