BusinessCompany NewsInterest rates stay at 4.75%

Interest rates stay at 4.75%

The Bank of England has kept interest rates on hold at 4.75%.

Link: Interest rates likely to stay put

In a widely-predicted move, the monthly meeting of the Bank of England’s Monetary Policy Committee decided today (Thursday) not to change the rate.

A cooling housing market and a fall in factory output was thought to be behind the move.

Although figures this week from the Halifax showed house prices rising slightly in September, most indicators show demand for property is falling.

Manufacturing output is in decline also, according to official figures published this week.

Some economists now believe that the rate will not be increased again this year, despite being raised five times by the Bank since November 2003.

The British Chamber of Commerce said any further rise would be ‘reckless’.

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