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04/09/2001
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.
Financial analysts were surprised at the Bank’s decision last month to cut interest rates by one quarter of one percent, the fourth cut this year.
Continuing strong consumer spending coupled with last month’s cut lead analysts to doubt if there will be another cut despite a strong lobby from the manufacturing sector to drop the rate further.
Retail sales show no sign of slowing, last month saw the largest increase in seven years, and house prices are booming thanks to the lowest mortgage interest rate in 40 years. Coupled to this the inflation rate continues to hover just below the 2.5 per cent target set by the UK Government.
All these factors will contribute to the MPC’s decision, but the Committee will also be aware that substantial jobs losses will soon begin to affect the performance of the economy as the global slowdown begins to bite further.
The CBI warned this week that the recession in manufacturing was beginning to affect the service sector. (SP)
The Committee are due to begin their latest two-day meeting amid a spate of calls for another cut in the interest rate.
Financial analysts were surprised at the Bank’s decision last month to cut interest rates by one quarter of one percent, the fourth cut this year.
Continuing strong consumer spending coupled with last month’s cut lead analysts to doubt if there will be another cut despite a strong lobby from the manufacturing sector to drop the rate further.
Retail sales show no sign of slowing, last month saw the largest increase in seven years, and house prices are booming thanks to the lowest mortgage interest rate in 40 years. Coupled to this the inflation rate continues to hover just below the 2.5 per cent target set by the UK Government.
All these factors will contribute to the MPC’s decision, but the Committee will also be aware that substantial jobs losses will soon begin to affect the performance of the economy as the global slowdown begins to bite further.
The CBI warned this week that the recession in manufacturing was beginning to affect the service sector. (SP)
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14 August 2001
Inflation rate fall may herald a further interest rate cut
Speculation is growing that a fall in the underlying inflation rate, down to 2.2 per cent, may give the Bank of England’s Monetary Policy Committee further room for manoeuvre to lower interest rates. Continued severe pressure on manufacturing industry has prompted further calls from industry leaders seeking another cut in the UK interest rate.
Inflation rate fall may herald a further interest rate cut
Speculation is growing that a fall in the underlying inflation rate, down to 2.2 per cent, may give the Bank of England’s Monetary Policy Committee further room for manoeuvre to lower interest rates. Continued severe pressure on manufacturing industry has prompted further calls from industry leaders seeking another cut in the UK interest rate.
07 November 2002
Bank of England holds UK interest rate at 4%
The Bank of England has held the main UK interest rate at 4% for the twelfth consecutive month. This is despite a larger than anticipated cut by the US Federal Reserve. Leading economists were split on whether or not interest rates would or should be dropped.
Bank of England holds UK interest rate at 4%
The Bank of England has held the main UK interest rate at 4% for the twelfth consecutive month. This is despite a larger than anticipated cut by the US Federal Reserve. Leading economists were split on whether or not interest rates would or should be dropped.
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 October 2001
UK interest rate receives further cut
The UK interest rate has been cut for the sixth time as economies around the world attempt to stem the effects of the current global climate of uncertainty. On Thursday October 4, the Bank of England’s Monetary Policy Committee announced a further 0.25 per cent cut, a move which brings the UK base rate down to 4.
UK interest rate receives further cut
The UK interest rate has been cut for the sixth time as economies around the world attempt to stem the effects of the current global climate of uncertainty. On Thursday October 4, the Bank of England’s Monetary Policy Committee announced a further 0.25 per cent cut, a move which brings the UK base rate down to 4.
16 August 2001
High retail sales in July throw doubt on further interest rate cut
The latest figures on retail sales in July have decreased hopes of a further interest rates cut. Data on retail sales released by the Office of National Statistics (ONS) show that retail sales jumped 0.6 per cent above the June figure to stand a full six percent higher than in July last year.
High retail sales in July throw doubt on further interest rate cut
The latest figures on retail sales in July have decreased hopes of a further interest rates cut. Data on retail sales released by the Office of National Statistics (ONS) show that retail sales jumped 0.6 per cent above the June figure to stand a full six percent higher than in July last year.
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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.
