Bank of England keeps rates at 4.5%

Bank of England keeps rates at 4.5%

Thursday, June 08, 2006

Despite interest rates elsewhere moving upwards or expected to rise shortly, the Bank of England’s Monetary Policy Committee kept UK rates on hold at 4.5% for the tenth month in a row today.

Concerns about rising inflation is leading many economists to suggest the next move in rates will be upwards. The bank itself recently warned inflation could overshoot the 2% target if interest rates remained at 4.5%.

The only doubt had been about when rates would be raised - and that uncertainty still remains on hold today, although some analysts are suggesting rates could move to 4.75% as early as August.

The previous change in interest rates was a reduction of 0.25 percentage points to 4.5% on 4 August 2005.

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