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08/02/2002
UK interest rates remain on hold
Interest rates are on hold following the Bank of England's decision to keep the current level of interest at 4 per cent.
In a move which has been described as "disappointing but understandable" by the CBI, the Bank of England has decided not to implement any further rate cuts for the foreseeable future, although some analysts are predicting one further cut before rates trough.
The sound from the manufacturing sector was one of dismay at the news, representing as it does "a missed opportunity" to instil confidence in a sector struggling to find its feet amid the current economic instability.
Stephen Radley, Chief Economist at the Engineering Employers' Federation added: "With inflation so low and real interest rates relatively high, manufacturers will find it hard to understand the reluctance to countenance any further reductions in interest rates."
However, the Bank of England is currently faced with the difficult task of how best to balance consumer spending with industry underperformance, with Chief Economist at the British Chamber of Commerce, Ian Fletcher, stating: "With so much conflicting data and views o the economy, it is understandable members of the MPC should wish to sit on their hands."
Latest figures show UK manufacturing out falling at its fastest rate for over a decade, with potential redundancies reaching into the thousands during 2002 if the sector's recession is not adequately addressed by the government - with many calling for action to be taken to reduce the strength of sterling instead of using rate cuts to stimulate demand. (CL)
In a move which has been described as "disappointing but understandable" by the CBI, the Bank of England has decided not to implement any further rate cuts for the foreseeable future, although some analysts are predicting one further cut before rates trough.
The sound from the manufacturing sector was one of dismay at the news, representing as it does "a missed opportunity" to instil confidence in a sector struggling to find its feet amid the current economic instability.
Stephen Radley, Chief Economist at the Engineering Employers' Federation added: "With inflation so low and real interest rates relatively high, manufacturers will find it hard to understand the reluctance to countenance any further reductions in interest rates."
However, the Bank of England is currently faced with the difficult task of how best to balance consumer spending with industry underperformance, with Chief Economist at the British Chamber of Commerce, Ian Fletcher, stating: "With so much conflicting data and views o the economy, it is understandable members of the MPC should wish to sit on their hands."
Latest figures show UK manufacturing out falling at its fastest rate for over a decade, with potential redundancies reaching into the thousands during 2002 if the sector's recession is not adequately addressed by the government - with many calling for action to be taken to reduce the strength of sterling instead of using rate cuts to stimulate demand. (CL)
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08 January 2004
UK Interest rates sticks at 3.75%
As expected, the Bank of England has decided to hold the base rate at 3.75% today. The Bank's Monetary Policy Committee (MPC) opted to hold the rate following a quarter point rise in December - the first rise in four years. However, analysts are continuing to warn consumers that rises are imminent in the year ahead.
UK Interest rates sticks at 3.75%
As expected, the Bank of England has decided to hold the base rate at 3.75% today. The Bank's Monetary Policy Committee (MPC) opted to hold the rate following a quarter point rise in December - the first rise in four years. However, analysts are continuing to warn consumers that rises are imminent in the year ahead.
04 September 2001
Bank likely to leave interest rate unchanged
The Monetary Policy Committee (MPC) of the Bank of England are likely to leave interest rates unchanged at 5 per cent. The Committee are due to begin their latest two-day meeting amid a spate of calls for another cut in the interest rate.
Bank likely to leave interest rate unchanged
The Monetary Policy Committee (MPC) of the Bank of England are likely to leave interest rates unchanged at 5 per cent. The Committee are due to begin their latest two-day meeting amid a spate of calls for another cut in the interest rate.
21 January 2002
Think-tank calls for action on issue of ‘strong pound’
The Bank of England has been advised to rethink its approach to monetary policy by an economic think-tank which has called for greater focus on achieving a weaker pound. The Ernst & Young Item Club issued the warning in the face of continued recession in the manufacturing sector, as UK exports suffer from the uncompetitive strength of the pound.
Think-tank calls for action on issue of ‘strong pound’
The Bank of England has been advised to rethink its approach to monetary policy by an economic think-tank which has called for greater focus on achieving a weaker pound. The Ernst & Young Item Club issued the warning in the face of continued recession in the manufacturing sector, as UK exports suffer from the uncompetitive strength of the pound.
30 August 2001
European Central Bank cuts interest rates
The European Central Bank (ECB) has cut interest rates to 4.25 per cent. The news came on Thursday August 30, the day the Bank kicks off the countdown to the introduction of the euro as a cash currency in just four months time. A cut from the ECB’s 4.
European Central Bank cuts interest rates
The European Central Bank (ECB) has cut interest rates to 4.25 per cent. The news came on Thursday August 30, the day the Bank kicks off the countdown to the introduction of the euro as a cash currency in just four months time. A cut from the ECB’s 4.
14 February 2002
Inflation rises but interest rates unchanged
The Bank of England Monetary Policy Committee (MPC) have decided not to raise interest rates at its monthly meeting, despite inflation warnings from the Office for National Statistics (ONS). The figures released by the ONS revealed an underlying inflation rate that exceeded the rates anticipated by the Bank of England.
Inflation rises but interest rates unchanged
The Bank of England Monetary Policy Committee (MPC) have decided not to raise interest rates at its monthly meeting, despite inflation warnings from the Office for National Statistics (ONS). The figures released by the ONS revealed an underlying inflation rate that exceeded the rates anticipated by the Bank of England.
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Northern Ireland WeatherToday:A showery start with outbreaks most frequent north of Lough Neagh and through the morning, before dwindling during the afternoon as the northwest breezes ease and brighter spells of weak sunshine prosper. Maximum temperature 8 °C.Tonight:A dry night, save for a few light showers around the coasts, with prolonged clear spells and light winds bringing a frosty dawn for many in central and southern parts. Minimum temperature -3 °C.
