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18/09/2001
Interest rates cut to lowest level for 37 years
The Bank of England has opted to cut interest rates by one quarter per cent despite a higher than expected rise in domestic inflation.
The move means the UK falls into line with reductions announced by both the US Federal Reserve and the European Central Bank as part of a worldwide attempt to prevent global economic collapse in the wake of last Tuesday’s terrorist attacks on America.
However, doubts have been expressed over the appropriateness of such a cut in UK interest rates considering the sharp rise in inflation, which has risen by 0.4 per cent to stand at 2.6 per cent – higher than the Government’s target level of 2.5 per cent, and greater than analysts’ initial predictions. However, economists have dismissed the increase as only a temporary rise, in terms of the outlook for inflation rates two years ahead of the current economic climate.
This is the fourth instance this year of a cut in interest rates, which have been designed to stimulate the economy and to avert further deepening of the recession in the manufacturing sector. The latest cut also brings interest rates to their lowest level for 37 years. (CL)
The move means the UK falls into line with reductions announced by both the US Federal Reserve and the European Central Bank as part of a worldwide attempt to prevent global economic collapse in the wake of last Tuesday’s terrorist attacks on America.
However, doubts have been expressed over the appropriateness of such a cut in UK interest rates considering the sharp rise in inflation, which has risen by 0.4 per cent to stand at 2.6 per cent – higher than the Government’s target level of 2.5 per cent, and greater than analysts’ initial predictions. However, economists have dismissed the increase as only a temporary rise, in terms of the outlook for inflation rates two years ahead of the current economic climate.
This is the fourth instance this year of a cut in interest rates, which have been designed to stimulate the economy and to avert further deepening of the recession in the manufacturing sector. The latest cut also brings interest rates to their lowest level for 37 years. (CL)
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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.
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.
05 December 2001
UK interest rates remain unchanged
The Bank of England has left interest rates unchanged at four per cent, in line with analysts' forecasts. The Bank's decision was widely predicted by City analysts, who said that having reduced interest rates by an unexpectedly high 0.5 per cent last month, the Bank was unlikely to cut again this week.
UK interest rates remain unchanged
The Bank of England has left interest rates unchanged at four per cent, in line with analysts' forecasts. The Bank's decision was widely predicted by City analysts, who said that having reduced interest rates by an unexpectedly high 0.5 per cent last month, the Bank was unlikely to cut again this week.
18 September 2001
Europe founders as Wall Street makes slow progress
European stock markets continue to founder as Wall Street makes some gains following Monday’s resumption of trading after five days of inaction. The US Federal Reserve cut interest rates by half a per cent on Monday, setting the scene for economic recovery in the wake of last Tuesday’s attacks on the World Trade Centre and in Washington.
Europe founders as Wall Street makes slow progress
European stock markets continue to founder as Wall Street makes some gains following Monday’s resumption of trading after five days of inaction. The US Federal Reserve cut interest rates by half a per cent on Monday, setting the scene for economic recovery in the wake of last Tuesday’s attacks on the World Trade Centre and in Washington.
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.
