Menu
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)
Related UK National News Stories
Click here for the latest headlines.
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.
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.
30 August 2007
Prison Officers Back At Work After Strike
Prison officers in England and Wales have returned work after calling off Wednesday's wildcat strike. The surprise strike action, which involved staff from 140 jails across England and Wales, began at 7am on Wednesday and was expected to last 24 hours.
Prison Officers Back At Work After Strike
Prison officers in England and Wales have returned work after calling off Wednesday's wildcat strike. The surprise strike action, which involved staff from 140 jails across England and Wales, began at 7am on Wednesday and was expected to last 24 hours.
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.
-
Northern Ireland WeatherToday:It will be cloudy again throughout the day. Mainly dry in the morning, but patchy drizzle in places, becoming more widespread and persistent in the afternoon. Freshening southwesterly winds. Maximum temperature 12 °C.Tonight:Cloudy with a spell of heavy rain pushing south through late evening and the early hours, followed by some clear spells. Minimum temperature 6 °C.
