6 Mar

MPC holds interest rates

MPC holds interest rates

The Bank of England's monetary policy committee (MPC) has held the base rate of interest at 5.25 per cent, something that may interest those with mortgages.

Inflation pressures, from energy and food prices, had to be balanced against the prediction of weaker economic growth, reports the Guardian.

The British Chambers of Commerce claimed that the bank has missed a good opportunity to cut rates now.

Economic advisor at the BCC David Kern noted that the decision is not a surprise, but that more could be done at this stage.

"The MPC has missed an important opportunity to underpin business and consumer confidence, and limit the potential damage to the economy," he told the publication.

He added that immediate action is needed to alleviate the danger of an economic slowdown.

In Febraury, the bank cut rates from 5.5 per cent to 5.25 per cent, while December saw another dip in rates.ADNFCR-1222-ID-18498467-ADNFCR

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