UK Money News
20th February 2008
MPC member dashes hopes of imminent rate cut
Consumers holding out for a further cut to the base rate of interest in the near future have been dealt a blow in a speech from Kate Barker of the Bank of England's monetary policy committee (MPC).
At a dinner in North Staffordshire, Ms Barker said that the principal short-term threats to the economy are slowing house prices and a fall in mortgage lending.
However, although the Bank will be paying close attention to the property market, the more pressing need to control inflation is likely to remain the MPC's priority, she predicted.
"The overall tone of the economic data so far is still quite positive. Beyond the property markets there are no clear signs of a downturn," Ms Barker said.
Earlier this month, the MPC said that it is set to further trim the base rate of interest this year, following the recent 0.25 percentage point cut.
However, Ms Barker's comments suggest that this may happen later in the year than had been anticipated.
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