Interest rates left unchanged
The Bank of England has resisted the temptation to raise interest rates for a third time since November last year.
Rates will remain at 4%, the Bank’s Monetary Policy Committee decided, despite the galloping increase in house prices and the UK’s ever-increasing mountain of consumer debt.
The decision was welcomed by the British Chamber of Commerce.
It will also please the Confederation of British Industry, which has called for a cautious approach until the effect of the two previous rate rises can be fully felt.
At the Bank’s previous meeting in March, MPC members voted unanimously to hold rates unchanged.
The last rate rise, in February, saw the borrowing rate climb from 3.75% to 4%.
Minutes of the meeting will be published on 21 April.