BREAKING NEWS ... interest rates kept at 5 per cent
THE Bank of England has kept interest rates on hold at 5 per cent as it tries to balance the twin effects of a slowing economy and growing inflation.
Many reports have shown the economy heading for a significant slowdown or even a recession.
However the bank's Monetary Policy Committee's primary goal is to keep inflation at 2 per cent and it currently stands at 3.8 per cent.
Although the bulk of members voted to hold rates last month, one supported a cut, while another backed an increase.
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Last Updated:
07 August 2008 12:18 PM
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Source:
n/a
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Location:
Scarborough
