Bank of England holds interest rate at 5.50 percent
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The Bank of England held its key interest rate at 5.50 percent, the highest level for six years, the central bank announced on Thursday.
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The Bank of England held its benchmark interest rate steady at 5.75 percent on Thursday. The decision was anticipated after weeks of turmoil in global markets.
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The European Central Bank held its key interest rate at 4 percent while the Bank of England cut its benchmark rate by a quarter percentage point to 5.25 percent.
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UK interest rates are expected to remain on hold at 4.75% following the Bank of England's latest rate-setting meeting.
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The Bank of England is seen holding rates at 5.5% after its latest meeting, but a rise remains a possibility.
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Bank of England policymakers voted 8-1 to leave British interest rates at 5.50 percent earlier this month, minutes of the meeting showed on Wednesday.
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The Bank of England appears set to hold interest rates steady for at least the next few months after revealing policymakers did not even discuss raising borrowing costs at their November meeting.
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Bank of England policymakers were united in their decision to cut interest rates by a quarter-point to 5.50 percent earlier this month, according to minutes of the BoE meeting published Wednesday.
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The Bank of England votes to leave rates unchanged at 5.25% after its two-day meeting.
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The Bank of England raised its key interest rate by a quarter-point to 5.75 percent on Thursday, the highest level for more than six years, in a bid to dampen inflation.
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UK interest rates have been kept on hold at 4.75% following the latest meeting of the Bank of England&#39;s rate-setting committee.
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The Bank of England on Thursday trimmed its key interest rate by a quarter-point to 5.25 percent amid concerns of slower economic growth, while keeping a close watch on inflation.
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The Bank of England held its benchmark interest rate steady at a six-year high of 5.5 percent after reports that price inflation is slowing in the services and housing sectors. The bank raised rates last month after three other rises since August apparently failed to cool inflationary pressures and a buoyant housing market. Even after the European Central Bank raised rates Wednesday by a quarter-point, to 4 percent, Britainâs rates remain the highest among the worldâs seven wealthiest nations. Most economists expect a rise of a quarter of a percentage point next month in British rates. as the Bank of England tries to bring consumer price index inflation back to its 2 percent target from its current level of 2.8 percent.
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Business groups have broadly welcomed the Bank of England&#39;s decision to keep interest rates on hold this month. The Monetary Policy Committee (MPC) announced at lunchtime on Thursday that they would be maintaining the base rate at 4.75 per cent.
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The European Central Bank keeps its key interest rate on hold at 3.5%, in a widely-expected move.
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Bank of England policymakers voted 9-0 to cut UK interest rates to 5.5% earlier this month, minutes show.
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The Bank of England left its key interest rate at 5.75 percent on Thursday and said it was &quot;too soon&quot; to judge the full economic disruption of the ongoing global credit squeeze.