Bank pushes up interest rates
The Bank of England has pushed up the lending rate to 4.25%, the third time since November that it has pushed up the rate in an effort to slow down house price rises and cut back consumer borrowing.
The Bank of England has pushed up the lending rate to 4.25%, the third time since November that it has pushed up the rate in an effort to slow down house price rises and cut back consumer borrowing.
Link: Interest rates left unchanged
A survey of 25 economists by AFP was almost unanimous in predicting the rate would increase, following a number of reports which showed an increasing rosy economic picture.
Earlier this week, BDO’s output index of gross domestic product – an indicator of economic health – reached its highest level in a decade, up from 100.8 in January this year to 101.4 last month,
But the decision was complicated by a fall in consumer price inflation to 1.1% year-on-year in March, coming ‘perilously close’ to the 1.0% level that would require a letter of explanation by the Bank to the Treasury.
The Bank has been mandated by the Treasury to keep inflation as close to 2% as possible.
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