Bank of England predicted to leave rates unchanged

Bank of England predicted to leave rates unchanged

Tuesday, February 07, 2006

The Bank of England looks set to keep interest rates unchanged for the sixth month in a row, Reuters reports today.

Reuters last week surveyed 45 analysts who all predicted that the Monetary Policy Committee (MPC) would keep the cost of borrowing at 4.5 percent when it concludes its two-day meeting on Thursday.

However, analysts cannot agree on when the next change in policy will be and what form it will take.

Many anticipate that sluggish growth will cause the central bank to repeat the quarter-point interest rate cut of August later this year. Reuters reports that MPC member Stephen Nickell has already voted for a rate cut in both December and January and looks set to do so again.

But others argue a recovery in the housing market and inflationary pressures from high oil prices will mean the Bank's next move will be to rise interest rates.

Indeed, there are encouraging signs at present with the Nationwide building society reporting a 1.4 per cent rise in house prices on the month in January and Bank of England figures indicating mortgage lending and approvals both increased at the end of last year.

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