UK Money News
6th March 2008
No change for interest rates
Interest rates will remain on hold for at least another month after the Bank of England's monetary policy committee (MPC) voted for no change this lunchtime.
The MPC is likely to have decided that another cut following February's quarter-point reduction would be too early.
While the committee is under real pressure to get the economy moving again, it also needs to keep inflation in check.
Controlling inflation is in fact its only remit.
The MPC cut the base rate by a quarter-point in February and that move followed another cut in December.
Most analysts agree that with the economy slowing, further cuts are likely in the coming months.
Sebastian Mackay of Scottish Widows Investment Partners (SWIP) said this week that interest rates could be as low as four per cent by the second half of 2009.
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