Bank cuts interest rate to 3.5%

Bank cuts interest rate to 3.5%

Thursday, July 10, 2003

Homeowners will be pleased with the Bank of England’s Monetary policy Committees decision today to cut the interest rate by a further 0.25% to 3.5% in the first cut in UK rates since February this year.
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Last week the Bank of England's new Governor Mervyn King hinted that sterling's strength might lead to a cut but analysts were still predicting a stay until at least next month on the back of strong service sector growth figures.

The new Governor who took over from Eddie George this month could be signalling a change of direction for the Monetary Policy Committee as the decision was 6-3 against a rate change last month.

Industry insiders are now intimating that the rates may now be on an alignment path with European economies as the Government looks to prepare the economy for entry into the Euro. However, the Bank said the cut was needed to stimulate growth given the sluggish state of the global economic recovery.

The Confederation of British Industry praised the Bank's move. Ian McCafferty, CBI's chief economist said, "This is the right decision. Inflationary pressures are well under control. The Bank's move will help support the economy, which has lost momentum this year.”

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