Interest Rates Still on Hold
Members of the Monetary Policy Committee (MPC) kept the Bank's base rate at 0.5pc for the 27th month in a row.
this reflected "major concerns within the MPC over both the current softness of the economy", said Howard Archer of IHS Global Insight.
"The MPC obviously also has serious concerns about current elevated and rising consumer price inflation; but for now at least most committee members are prepared to hold fire on interest rates to give the economy more of a chance to develop forward momentum," he said.
Inflation, the Bank has warned, will rise above 5pc later this year and remain above the Government's 2pc before falling back in 2013.
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Added By: gbressington on 09th Jun 2011 at 15:52
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