Bank holds interest rate at 5%

Bank holds interest rate at 5%

Thursday, December 07, 2006

After last month’s interest rate hike and publication of the minutes of the meeting that raised it, it came as no surprise to find the Bank of England’s Monetary Policy Committee voted to keep borrowing costs steady at 5% today.

Minutes of last month's meeting revealed that two of the nine-member committee were opposed to the rise.

Since then little has changed that would have prompted a further increase – predicted by some economists for early next year – indeed, with the Bank’s own inflation report suggesting little need to raise rates, the pound to the dollar running at a 14-year high and most economists thinking the Bank is in a wait-and-see mode, a rise was probably not an option.

Economists polled earlier this week by Reuters were undecided about any movement in rates into 2007. Thirty-four of the 50 polled said rates would stay the same at least until at least March and 16 predicted an increase.

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