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BBC NEWS BBC News - Business - Fri, 10 Feb 2012 04:58:18 GMT
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NACFB: Maximise Your Membership Roadshow, Bristol
An opportunity missed as interest rates are held.
The Monetary Policy Committe (MPC) has announced that the base rate will remain unchanged at 5%.
Despite the prospect of recession and the need to give the economy a boost the MPC has, as widely expected, left the base rate unchanged. Presumably this is to fulfil its remit of keeping inflation at or below 2% rather than looking at the economy as a whole.
However there is now a feeling generally that with a potentially prolonged recession looming, that interest rate policy will be eased, and rates should start heading downwards before the end of this year. Indeed the recent OECD forecasts showed inflationary pressures easing, which would give the MPC scope to cut rates without going outside its current remit.
- Leeds launches new 2 year fixed rate
- Nationwide Consumer Confidence Index stabalises
- Abbey cuts rates again
- moneysupermarket.com questions Skiptons boast of supporting first time buyers
- House prices continue to decline
- FSA fines mortgage firm £63,000 for serious regulatory failures
- IMF forecast could signal no scope for interest rate cuts.
- Accord slashes rates
- Base rate cuts on the way says Charcol
- Mortgage rates returning to pre credit crunch levels
- Standard Life Bank announces new Freestyle® mortgage rates
- Driven to desperation