/24-7PressRelease/ - February 16, 2006 - For the fifth month in a row the Bank of England has retained the interest rate at 4.5%. Signs of consumer and housing market recovery are said to be responsible for the hold.
The Monetary Policy Committee (MPC) had last cut down the interest rates from 4.75% to 4.5%. In light of the recent bouncing back of retail sales in the run up to Christmas, the MPC has decided to freeze the cost of borrowing at least for now.
Barring the disappointment of a few business leaders, this move from the bank was widely anticipated by the financial market. Experts believe that the bank is playing the waiting game.
Until the time it receives more news on the Christmas spending, the bank is not likely to change its stance on the interest rates.
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