Bank keeps interest rates at 4.5%

Bank keeps interest rates at 4.5%

Thursday, July 08, 2004

As widely expected, the bank of England’s Monetary Policy Committee today kept its Repro rate at 4.5%.

In the wake of two successive quarter-point increases in two months the Bank returned to its stated policy of gradual change.

But analysts say the MPC will probably resume its tougher approach next month, hiking rates by another quarter percentage point to 4.75%.

The language of the Bank of England’s spokesmen has clearly changed and a tougher approach is now expected, say analysts.

In the past the Bank has stated that house price inflation was not the target of rate rises but since the last rise the bank of England’s governor has been at pains to warn people that house prices cannot continue to increase.

Economists see the hold this month as a ‘pause for breath’ to assess how the latest rises have affected borrowing and spending.

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