Menu
09/02/2006
Interest rates left at 4.5%
The Bank of England has left interest rates on hold at 4.5% for another month.
It was widely predicted that the Bank's Monetary Policy Committee would not reduce interest rates, although some economists are predicting that a cut will be made in the spring.
The last time the MPC reduced interest rates was last August, when rates were cut by 0.25% from 4.75%.
It is believed that the MPC's decision may have influenced by signs of a recovery in the housing market. However, the decision is likely to disappoint many retailers and businesses. Earlier this week, the British Retail Consortium reported that like-for-like retail sales rose by only 0.2% in January - the weakest start to the year in a decade.
Kevin Hawkins, BRC Director General, said that the economy "badly needs a cut in interest rates".
The move is also likely to disappoint the manufacturing industry, after official figures showed that output fell in 2005 for the third time in five years.
It is thought that the MPC is waiting for data from the latest pay round, along with revised inflation and growth forecasts, which are due to be published next week, before making a decision.
(KMcA)
It was widely predicted that the Bank's Monetary Policy Committee would not reduce interest rates, although some economists are predicting that a cut will be made in the spring.
The last time the MPC reduced interest rates was last August, when rates were cut by 0.25% from 4.75%.
It is believed that the MPC's decision may have influenced by signs of a recovery in the housing market. However, the decision is likely to disappoint many retailers and businesses. Earlier this week, the British Retail Consortium reported that like-for-like retail sales rose by only 0.2% in January - the weakest start to the year in a decade.
Kevin Hawkins, BRC Director General, said that the economy "badly needs a cut in interest rates".
The move is also likely to disappoint the manufacturing industry, after official figures showed that output fell in 2005 for the third time in five years.
It is thought that the MPC is waiting for data from the latest pay round, along with revised inflation and growth forecasts, which are due to be published next week, before making a decision.
(KMcA)
Related UK National News Stories
Click here for the latest headlines.
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.
10 April 2008
Interest Rates Reduced to 5%
The Bank of England's Monetary Policy Committee have cut interest rates from 5.25% to 5% to stabilise the economy as the global credit crunch reaches UK shores. The British Chambers of Commerce warned that the cut was "no longer sufficient".
Interest Rates Reduced to 5%
The Bank of England's Monetary Policy Committee have cut interest rates from 5.25% to 5% to stabilise the economy as the global credit crunch reaches UK shores. The British Chambers of Commerce warned that the cut was "no longer sufficient".
09 November 2007
Interest Rates On Hold But Cut Likely Soon
Mounting pressure for a cut in the UK's interest rate hasn't produced one yet, but the good news for borrowers is that the Bank of England has at least kept interest rates on hold at 5.75% and indications are that a cut is due next time.
Interest Rates On Hold But Cut Likely Soon
Mounting pressure for a cut in the UK's interest rate hasn't produced one yet, but the good news for borrowers is that the Bank of England has at least kept interest rates on hold at 5.75% and indications are that a cut is due next time.
09 March 2006
UK interest rates left on hold
UK interest rates have remained on hold at 4.5% for the seventh month running. The Bank of England's Monetary Policy Committee decision is believed to have been influenced by a gradual recovery in house prices and other signs of economic strength, as well as a steady inflation rate.
UK interest rates left on hold
UK interest rates have remained on hold at 4.5% for the seventh month running. The Bank of England's Monetary Policy Committee decision is believed to have been influenced by a gradual recovery in house prices and other signs of economic strength, as well as a steady inflation rate.
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.
-
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.
