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13/01/2005
Interest rates held at 4.75%
Interest rates have as expected remained on hold as the Bank of England's Monetary Policy Committee (MPC) announced its latest decision.
Though the MPC has not increased interest rates since August last year, the interest rate has risen five times from a low of 3.5% in November 2003 to stand at 4.75% since August 2004.
Many analysts consider that the steady rise to August last year has served to cool the UK economy sufficiently as there has been a slowdown in consumer spending despite a record level of personal borrowing. There has also been a reduction in the level of new mortgage approvals in the period and house prices have not been as buoyant as previously.
However, there remains the possibility that interest rates may go as high as 5%, but recent retail sales figures that show a reduction in high street spending by consumers will probably have to be weighed against the UK's relatively high growth in personal borrowing which has exceeded £1 trillion.
(SP)
Though the MPC has not increased interest rates since August last year, the interest rate has risen five times from a low of 3.5% in November 2003 to stand at 4.75% since August 2004.
Many analysts consider that the steady rise to August last year has served to cool the UK economy sufficiently as there has been a slowdown in consumer spending despite a record level of personal borrowing. There has also been a reduction in the level of new mortgage approvals in the period and house prices have not been as buoyant as previously.
However, there remains the possibility that interest rates may go as high as 5%, but recent retail sales figures that show a reduction in high street spending by consumers will probably have to be weighed against the UK's relatively high growth in personal borrowing which has exceeded £1 trillion.
(SP)
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09 June 2005
Interest rates remain at 4.75%
The Monetary Policy Committee for the Bank of England has left UK interest rates unchanged for the tenth month in a row. The decision to keep the interest rate at running, at 4.75% follows further uncertainty in the economy. Figures published today revealed that while there was slight monthly increase, 0.
Interest rates remain at 4.75%
The Monetary Policy Committee for the Bank of England has left UK interest rates unchanged for the tenth month in a row. The decision to keep the interest rate at running, at 4.75% follows further uncertainty in the economy. Figures published today revealed that while there was slight monthly increase, 0.
17 April 2007
Inflation rises to 3.1%
The Bank of England has been forced to write a letter of explanation to Chancellor Gordon Brown after inflation rose to 3.1% in March. The government's target for inflation was targeted at 2% when the Chancellor placed the Bank of England in charge of deciding the interest rate in 1997.
Inflation rises to 3.1%
The Bank of England has been forced to write a letter of explanation to Chancellor Gordon Brown after inflation rose to 3.1% in March. The government's target for inflation was targeted at 2% when the Chancellor placed the Bank of England in charge of deciding the interest rate in 1997.
16 January 2007
Cooling house prices after interest rate hikes
The latest figures on house price rises show that the market has cooled following the November interest rate rise.
Cooling house prices after interest rate hikes
The latest figures on house price rises show that the market has cooled following the November interest rate rise.
02 June 2005
UK house price rise continues to level off
According to the latest survey on house prices, growth in the sector has slowed to its lowest level in almost a decade. The report from the Nationwide Building Society has revealed that house prices have risen by just 5.5% in the year ending May, the lowest year-on-year increase since August 1996.
UK house price rise continues to level off
According to the latest survey on house prices, growth in the sector has slowed to its lowest level in almost a decade. The report from the Nationwide Building Society has revealed that house prices have risen by just 5.5% in the year ending May, the lowest year-on-year increase since August 1996.
05 July 2007
Interest rates hiked to 5.75%
Interest rates have risen by 0.25% to 5.75% in the fifth rise since August 2006. The Bank of England's Monetary Policy Committee said that the rise had been due to evidence that inflationary pressures remained "elevated.
Interest rates hiked to 5.75%
Interest rates have risen by 0.25% to 5.75% in the fifth rise since August 2006. The Bank of England's Monetary Policy Committee said that the rise had been due to evidence that inflationary pressures remained "elevated.
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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.
