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23/01/2002
UK interests rates hold steady so far
Interest rates are to be frozen at 4 per cent following a unanimous vote by the Bank of England’s monetary policy committee (MPC) to keep the base rate on hold in January.
The news comes amid increasing speculation that interest rates would rise, in order to cap spiralling levels of consumer spending, which have led to record amounts of credit card debt.
While the Bank of England has attempted to help the manufacturing sector, currently in recession, by cutting interest rates in order to promote a higher levels of spending in the domestic market, the alarming rate at which consumer debt has risen has sparked fears of a corresponding rise in inflation, which in turn would necessitate a rise in the base rate of interest.
However, the Bank of England could possibly be considering yet another cut in interest rates, but only if consumption falls ahead of the predicted revival in the world economy. (CL)
The news comes amid increasing speculation that interest rates would rise, in order to cap spiralling levels of consumer spending, which have led to record amounts of credit card debt.
While the Bank of England has attempted to help the manufacturing sector, currently in recession, by cutting interest rates in order to promote a higher levels of spending in the domestic market, the alarming rate at which consumer debt has risen has sparked fears of a corresponding rise in inflation, which in turn would necessitate a rise in the base rate of interest.
However, the Bank of England could possibly be considering yet another cut in interest rates, but only if consumption falls ahead of the predicted revival in the world economy. (CL)
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Click here for the latest headlines.
04 January 2002
Bank of England may raise interest rates to stem consumer spending
Speculation is mounting that The Bank of England plans to step in to deal with the current credit card fuelled spending boom that is gripping the UK economy. The likelihood of this happening was raised after the head of the Bank of England, Sir Edward George, said that consumer demand needed to be moderated.
Bank of England may raise interest rates to stem consumer spending
Speculation is mounting that The Bank of England plans to step in to deal with the current credit card fuelled spending boom that is gripping the UK economy. The likelihood of this happening was raised after the head of the Bank of England, Sir Edward George, said that consumer demand needed to be moderated.
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.
10 June 2004
UK interest rates rise to 4.5%
Interest rates have been increased by a quarter percent to 4.5%, the Bank of England has announced today. The bank's Monetary Policy Committee (MPC) said today that while inflation is below the 2% target, "cost pressures are rising".
UK interest rates rise to 4.5%
Interest rates have been increased by a quarter percent to 4.5%, the Bank of England has announced today. The bank's Monetary Policy Committee (MPC) said today that while inflation is below the 2% target, "cost pressures are rising".
04 April 2002
Interest rates remain unchanged at 4 per cent
The Bank of England have announced that UK interest rates will remain unchanged at a 38-year low of four per cent following the monthly meeting of the bank's Monetary Policy Committee (MPC). The news was broadly welcomed as the UK, and Europe, continues to slowly edge out of last year's downturn.
Interest rates remain unchanged at 4 per cent
The Bank of England have announced that UK interest rates will remain unchanged at a 38-year low of four per cent following the monthly meeting of the bank's Monetary Policy Committee (MPC). The news was broadly welcomed as the UK, and Europe, continues to slowly edge out of last year's downturn.
06 February 2006
Economy recovery 'more likely' says report
The year ahead looks likely to be a brighter one for the UK economy with a retail recovery looking more likely and consumer spending set to be higher than last year. However, businesses face a difficult start to the year with growth likely to remain slow in the first quarter.
Economy recovery 'more likely' says report
The year ahead looks likely to be a brighter one for the UK economy with a retail recovery looking more likely and consumer spending set to be higher than last year. However, businesses face a difficult start to the year with growth likely to remain slow in the first quarter.
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Northern Ireland WeatherThis Evening and Tonight:Rain clearing away east by early evening with some clear spells but a few showers likely to affect the North coast and other areas towards dawn, remaining breezy and mild overnight. Minimum temperature 9 °C.
