Bank rate on hold for another month

Bank rate on hold for another month

Thursday, February 10, 2005

Any hopes for a cut in interest rate were dashed today as the Bank of England's Monetary Policy Committee decided to keep base rates frozen at 4.75% for the sixth consecutive month.

There had been some speculation among housing related sources that rates would be cut but recent stronger than expected economic growth, up 0.7% in the last quarter may have given the MPC a firm reason to hold.

Economists, although reluctant to rule out further belt tightening, on balance think that base rates will remain at 4.75% for some months, possibly for the rest of the year.

However, recent house price figures from the Halifax and Nationwide have indicated prices are still rising and this along with the stronger economic growth prospects may even lead to base rate increases.

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