06-09-2007
Monetary Policy Committee holds interest rates
The Bank of England's monetary policy committee (MPC) has decided to keep interest rates on hold for another month.
Announced on September 6th, the MPC has decided to keep interest rates static at 5.75 per cent and confirmed that its decision had been made following a consideration of the recent 'credit crunch' on world markets.
"There are tentative signs of a slowing in consumer spending. But the recent solid pace of output growth has been sustained and the margin of spare capacity appears limited," said the Bank of England in a statement.
"The committee judged that no change in Bank rate was necessary at this meeting to keep inflation on track to meet the target in the medium term," it added.
Britain's rate of inflation is currently slightly below the stated target of two per cent at a rate of 1.9 per cent.
In related news, the European Central Bank is also expected to keep interest rates on hold.
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