Interest Rates Remain At 5.5%
Published / Last Updated on 09/01/2008
Bank of England
The Bank of England monetary policy committee met today and confirmed that Bank of England base interest rates would remain at 5.5% despite many predictions and calls for a cut in interest rates.
Our view
As predicted in this site, we anticipated the Bank of England monetary policy committee would not reduce interest rates; we expect interest rates to fall either next month or the month after. Given the gloomy forecasts for the US economy moving into recession, we assume interest rates cuts will be a measure to prevent the UK economy doing the same in either February or March.
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