Interest rates held at 5%
Dec 08, 2006
The Bank of England's monetary policy committee has voted to keep interest rates on hold, in a move widely expected by analysts.
The bank's monetary policy committee voted to keep the base rate steady at five per cent, following the quarter point rise in November and an earlier rise in August. Last month, the bank moved interest rates to their highest level in five years in an attempt to bring inflation down to its target of two per cent.
However, many economists felt that it was too soon after last month's rise for a further increase and said that the bank would be waiting to see what happened.
Chief economist at Lloyds TSB Corporate Markets, Trevor Williams, said that if the MPC had decided to raise rates again this month, it would have set alarm bells ringing. Although house prices, inflation and money supply growth were all causes for concern, there was no need for drastic action this time around.
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