05/06/2003
Interest rates freeze gets cool reception
The Confederation of British Industry (CBI) has said that the Bank of England was wrong today to keep interest rates on hold.
Following the Monetary Policy Committee move to freeze rates at 3.75%, the CBI said that a rate cut would have added momentum to the UK's sluggish economic recovery.
Ian McCafferty, CBI Chief Economic Adviser, said: "This would have been a timely moment to give the economy a helping hand.
"There is little hard evidence that the recovery is gathering sufficient momentum. Sterling seems to have stabilised after its sharp fall last month and in the current economic climate there is no risk of significant pressure on inflation.
"Business will now hope for a rate cut next month to drive the economy out of this sluggish spell."
The TUC also hit out at the decision, with the organisation's senior economist, Ian Brinkley, saying: "UK manufacturers will be disappointed. With so much economic uncertainty across the world a cut now would have given industry more confidence to invest."
The Director General of the British Chambers of Commerce, David Frost, said that it had been a "missed opportunity" to boost business.
"The Bank of England has definitely missed an opportunity to offer extra support to UK business in a climate of weak demand at home and overseas. Inflation may be hovering above its target, but sales in most sectors are relatively weak.
"The value of the pound may be falling, but considering the eurozone's economic performance, Britain's exporters may not see a rapid improvement in sales.
"We urge the Bank to ease rates while output growth is weak and sales are under control to boost all sectors of the economy at this uncertain time."
(GMcG)
Following the Monetary Policy Committee move to freeze rates at 3.75%, the CBI said that a rate cut would have added momentum to the UK's sluggish economic recovery.
Ian McCafferty, CBI Chief Economic Adviser, said: "This would have been a timely moment to give the economy a helping hand.
"There is little hard evidence that the recovery is gathering sufficient momentum. Sterling seems to have stabilised after its sharp fall last month and in the current economic climate there is no risk of significant pressure on inflation.
"Business will now hope for a rate cut next month to drive the economy out of this sluggish spell."
The TUC also hit out at the decision, with the organisation's senior economist, Ian Brinkley, saying: "UK manufacturers will be disappointed. With so much economic uncertainty across the world a cut now would have given industry more confidence to invest."
The Director General of the British Chambers of Commerce, David Frost, said that it had been a "missed opportunity" to boost business.
"The Bank of England has definitely missed an opportunity to offer extra support to UK business in a climate of weak demand at home and overseas. Inflation may be hovering above its target, but sales in most sectors are relatively weak.
"The value of the pound may be falling, but considering the eurozone's economic performance, Britain's exporters may not see a rapid improvement in sales.
"We urge the Bank to ease rates while output growth is weak and sales are under control to boost all sectors of the economy at this uncertain time."
(GMcG)
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17 October 2014
Bank Of England Suggest Interest Rates Will Remain Low
The Bank of England's chief economist, Andrew Haldane, has said that interest rates should "remain low to avoid long-term economic stagnation". In a speech to business leaders, Mr Haldane said that he was "downbeat" over the UK economy, due to weaker global trends, low wage growth and "financial and political risks.
Bank Of England Suggest Interest Rates Will Remain Low
The Bank of England's chief economist, Andrew Haldane, has said that interest rates should "remain low to avoid long-term economic stagnation". In a speech to business leaders, Mr Haldane said that he was "downbeat" over the UK economy, due to weaker global trends, low wage growth and "financial and political risks.
06 July 2006
UK interest rates remain on hold
UK interest rates have been kept on hold at 4.5% for the eleventh month in a row, the Bank of England has announced. The decision, by the Bank's Monetary Policy Committee, had been widely expected, however some analysts believe that rates could rise before the end of the year. In May, inflation rose to 2.
UK interest rates remain on hold
UK interest rates have been kept on hold at 4.5% for the eleventh month in a row, the Bank of England has announced. The decision, by the Bank's Monetary Policy Committee, had been widely expected, however some analysts believe that rates could rise before the end of the year. In May, inflation rose to 2.
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.
07 August 2008
Interest Rates Held
The Bank of England has kept interest rates at 5% for the fourth month in a row in a bid to balance slow growth and rising inflation. The Monetary Policy Committee's (MPC) primary goal is to reduce the current inflation rate of 3.8% to the Government target of 2%.
Interest Rates Held
The Bank of England has kept interest rates at 5% for the fourth month in a row in a bid to balance slow growth and rising inflation. The Monetary Policy Committee's (MPC) primary goal is to reduce the current inflation rate of 3.8% to the Government target of 2%.
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.
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Northern Ireland WeatherToday:A sunny but frosty start for many. However cloud increases by midday with a few showers reaching the north coast, these mostly light but spreading inland this afternoon. Chilly. Maximum temperature 8 °C.Tonight:A rather cloudy evening with scattered showers. Becoming drier through the night with some good clear spells developing and a patchy frost away from coasts. Minimum temperature 0 °C.
