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Interest rates remain at 4% for the moment

  • 31/01/2003
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Interest rates look set to remain at 4% for the coming months, following the Monetary Parliamentary ...

Interest rates look set to remain at 4% for the coming months, following the Monetary Parliamentary Committee’s (MPC) decision not to move them for the fourteenth month running. Only Christopher Allsop and Stephen Nickell voted for a cut in rates.

Speaking in Glasgow, Sir Edward George, governor of the Bank of England, warned against a cut in rates, saying it would be wrong to set policy on the worst case economic scenario. He said it was unlikely the housing market would ‘run for cover’ while the labour market remained in good shape, and the prospects for inflation and interest rates remained relatively benign.


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