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08/12/2005
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.
The Chancellor's pre-budget speech outlined lower than expected growth in the UK economy, and the interest rate hold is sure to disappoint many retailers looking for a cut in rates before the busy seasonal trading period.
The MPC lowered interest rates from 4.75% to 4.5% in August 2005 – the first cut in two years.
David Frost, Director General of the British Chambers of Commerce, said it was disappointing that there had not been "decisive action" in response to the economic situation.
In his pre-budget report, Chancellor Gordon Brown sharply revised the UK economic growth forecast, down to 1.75% from a previous 3% to 3.5%, blaming high oil and energy costs.
Recent reports on high street sales are mixed, and there are concerns that higher inflation than expected may feed through into higher wage increases.
(SP/GB)
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.
The Chancellor's pre-budget speech outlined lower than expected growth in the UK economy, and the interest rate hold is sure to disappoint many retailers looking for a cut in rates before the busy seasonal trading period.
The MPC lowered interest rates from 4.75% to 4.5% in August 2005 – the first cut in two years.
David Frost, Director General of the British Chambers of Commerce, said it was disappointing that there had not been "decisive action" in response to the economic situation.
In his pre-budget report, Chancellor Gordon Brown sharply revised the UK economic growth forecast, down to 1.75% from a previous 3% to 3.5%, blaming high oil and energy costs.
Recent reports on high street sales are mixed, and there are concerns that higher inflation than expected may feed through into higher wage increases.
(SP/GB)
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10 November 2005
Interest rates remain unchanged
The Bank of England has left interest rates unchanged at 4.5% for the third month in a row. The decision, made by the Bank’s Monetary Policy Committee (MPC), had been expected, due to the recent rise in inflation. Inflation is forecast to remain above the 2% target for a while, mainly due to rising oil prices.
Interest rates remain unchanged
The Bank of England has left interest rates unchanged at 4.5% for the third month in a row. The decision, made by the Bank’s Monetary Policy Committee (MPC), had been expected, due to the recent rise in inflation. Inflation is forecast to remain above the 2% target for a while, mainly due to rising oil prices.
08 September 2005
Interest rates remain on hold at 4.5%
The Bank of England has left interest rates unchanged at 4.5%, as expected by many analysts. Last month, the Bank’s Monetary Policy Committee (MPC) reduced interest rates from 4.75% to 4.5%, amid fears of a slowdown in economic growth and a slump in consumer spending.
Interest rates remain on hold at 4.5%
The Bank of England has left interest rates unchanged at 4.5%, as expected by many analysts. Last month, the Bank’s Monetary Policy Committee (MPC) reduced interest rates from 4.75% to 4.5%, amid fears of a slowdown in economic growth and a slump in consumer spending.
05 April 2007
Interest rates kept on hold
The Bank of England has voted to keep interest rates at 5.25% for the second month in a row. The decision is good news for borrowers, as there had been fears that interest rates would be increased to 5.5% this month. If this had happened, homeowners with an average £100,000 mortgage would have faced a rise of £16 per month on their repayments.
Interest rates kept on hold
The Bank of England has voted to keep interest rates at 5.25% for the second month in a row. The decision is good news for borrowers, as there had been fears that interest rates would be increased to 5.5% this month. If this had happened, homeowners with an average £100,000 mortgage would have faced a rise of £16 per month on their repayments.
10 May 2007
Interest rates rise to 5.5%
The Bank of England has announced that interest rates will rise from 5.25% to 5.5%. The rise is the fourth since last August, bringing the cost of borrowing to its highest level since 2001. The rise has been expected by analysts in order to try and keep inflation down.
Interest rates rise to 5.5%
The Bank of England has announced that interest rates will rise from 5.25% to 5.5%. The rise is the fourth since last August, bringing the cost of borrowing to its highest level since 2001. The rise has been expected by analysts in order to try and keep inflation down.
12 November 2003
Bank of England predicts 'modest' UK recovery
The Bank of England's latest quarterly report has forecast both growth in the economy and a rise in inflationary pressures within the economy. However, The Bank of England's Governor Mervyn King has warned that some homeowners may end up in a negative equity situation should UK interest rates continue to increase to hold inflation in check.
Bank of England predicts 'modest' UK recovery
The Bank of England's latest quarterly report has forecast both growth in the economy and a rise in inflationary pressures within the economy. However, The Bank of England's Governor Mervyn King has warned that some homeowners may end up in a negative equity situation should UK interest rates continue to increase to hold inflation in check.
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Northern Ireland WeatherThis Evening and Tonight:Showers, scattered in the evening, will clear by midnight leaving the night dry with clear spells. Perhaps a touch of ground frost. Cloud will spread east towards morning. Minimum temperature 2 °C.
