Bank of England leaves rates at 4.5%

Bank of England leaves rates at 4.5%

Thursday, September 08, 2005

The Bank of England’s Monetary Policy Committee today voted to keep interest rates on hold at 4.5%.

Interest rates were reduced by 0.25% last month, the first move since August last year. However, that decision was finely balanced, minutes of last month’s meeting show.

Following such a close vote in August, it seems probable that the Bank of England will leave rates unchanged for the rest of the year, Nationwide pronounced yesterday after an increase in consumer confidence following the cut. Today’s decision will not have changed that view.

Other economists though are not so positive. A Reuters poll of 47 leading analysts last week showed 17 expect another cut later this year. Another 17 said the Bank would wait until 2006 before cutting rates any further.

The economists’ mood shows a subtle change over the last month, particularly since the release of the last MPC minutes which showed on four out of the nine Monetary Policy Committee members, including Governor Mervyn King, had opposed the July cut because they were worried that inflation could still be a problem. Previously most analysts had been expecting a series of rate reductions to boost flagging consumer spending and business investment.

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