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Bank of England holds interest rates steady at 4.75 percent

Bank of England holds interest rates steady at 4.75 percent

The Bank of England held its key interest rate steady at 4.75 percent Thursday.
It was the second consecutive month the bank held rates steady, following a quarter of a percentage point hike in August, which was the first change in a year. Thursday's move was widely predicted by analysts.
However, Global Insight Chief Economist Howard Archer predicted a rise next month in "the face of consumer price inflation being above-target and set to head towards 3.0 percent in the near term, buoyant house prices, rapid money supply growth, current relatively healthy growth and concerns that wage settlements could rise during the 2007 pay rounds."
The central bank itself warned in August that British interest rates may have to rise further in the coming months to keep inflation near its 2 percent target, and many analysts say a rise to 5 percent is likely soon.


Updated : 2020-12-03 11:36 GMT+08:00