Interest rates kept on hold at 3.75%

Interest rates kept on hold at 3.75%

Thursday, June 05, 2003

The Bank of England's Monetary Policy Committee today voted to keep the interest rate at 3.75%. The rate has been held at this level since February.

The weakness of the pound has made life slightly easier for manufacturers, and inflation is slightly higher than it has been, so they are probably taking a wait and see approach for yet another month.

A CBI report suggesting a jump in demand in the retail sector, along with encouraging figures for the service sector likely helped persuade the Monetary Policy Committee against any cut.

Another cut is still fairly likely this year and indeed, the decision to hold rates last month was carried by the narrowest of margins.

The strength of the Euro was thought likely to produce a rate cut from the European Central Bank when they make their decision later today. European interest rates are already lower than ours at 2.5%.

This was the last time Sir Edward George chaired the MPC interest rate meeting before stepping down as governor of the Bank of England. Bank of England deputy Mervyn King will take over from Sir Edward as governor at the end of June.

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