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09/09/2004
Interest rates stay on hold at 4.75%
The Bank of England has decided to keep interests rate on hold at 4.75%.
The bank's Monetary Policy Committee decided to freeze the rate following last month's 0.25% increase.
Reacting to the decision, CBI Chief Economic Adviser, Ian McCafferty, said that business would be "relieved" at the news.
"Recent news suggests that growth has slowed around the world and that UK consumers are being more cautious," he said.
"With the outlook more uncertain, business needs a period of stability and the Bank is right to sit tight until things become clearer."
The British Chambers of Commerce (BCC) said that the move was "the best decision for business".
BCC Director General, David Frost, said: "There is growing evidence that the housing market is cooling down, suggesting that earlier rises in interest rates appear to be running their course. The fact that the financial markets now expect rates to peak at a lower level than before demonstrates the MPC's good sense in waiting to judge the effects of earlier rises."
The BCC said that poor retail sales in July and two successive monthly falls in manufacturing output reinforced the need for a cautious approach in the months ahead.
(gmcg)
The bank's Monetary Policy Committee decided to freeze the rate following last month's 0.25% increase.
Reacting to the decision, CBI Chief Economic Adviser, Ian McCafferty, said that business would be "relieved" at the news.
"Recent news suggests that growth has slowed around the world and that UK consumers are being more cautious," he said.
"With the outlook more uncertain, business needs a period of stability and the Bank is right to sit tight until things become clearer."
The British Chambers of Commerce (BCC) said that the move was "the best decision for business".
BCC Director General, David Frost, said: "There is growing evidence that the housing market is cooling down, suggesting that earlier rises in interest rates appear to be running their course. The fact that the financial markets now expect rates to peak at a lower level than before demonstrates the MPC's good sense in waiting to judge the effects of earlier rises."
The BCC said that poor retail sales in July and two successive monthly falls in manufacturing output reinforced the need for a cautious approach in the months ahead.
(gmcg)
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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.
06 December 2007
UK Interest Rates Cut
The Bank of England has reduced interest rates for the first time in more than two years, cutting them from 5.75% to 5.5%. A rate cut had been expected amid signs that the economy was slowing. The announcement by the Bank's Monetary Policy Committee will bring relief to consumers and businesses ahead of the Christmas period.
UK Interest Rates Cut
The Bank of England has reduced interest rates for the first time in more than two years, cutting them from 5.75% to 5.5%. A rate cut had been expected amid signs that the economy was slowing. The announcement by the Bank's Monetary Policy Committee will bring relief to consumers and businesses ahead of the Christmas period.
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.
08 February 2007
No change for UK interest rates
The Bank of England has voted to leave the interest rate unchanged at 5.25% this month. The news will come as a relief to homeowners, following last month's surprise 0.25% increase. The Bank's Monetary Police Committee increased the rate in January in an attempt to curb inflation, which hit 3% in December.
No change for UK interest rates
The Bank of England has voted to leave the interest rate unchanged at 5.25% this month. The news will come as a relief to homeowners, following last month's surprise 0.25% increase. The Bank's Monetary Police Committee increased the rate in January in an attempt to curb inflation, which hit 3% in December.
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Northern Ireland WeatherToday:A chilly start with a widespread frost and some freezing fog, any freezing fog slow to clear. Otherwise bright with sunny spells and coastal showers. Light winds. Maximum temperature 6 °C.Tonight:Coastal showers dying out with a widespread frost developing along with freezing fog, which could become extensive. Winds remaining light. Minimum temperature -3 °C.
