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Interest rates 'to be kept on hold'

6th September 2010 | back to article listings BACK    print this article PRINT

Interest rates are expected to be kept on hold at 0.5% when the Bank of England's Monetary Policy Committee (MPC) meets this week.

The base rate is likely to remain unchanged for the 18th successive month amid gloomy survey reports that indicate a shaky economic recovery despite the 1.2% growth in the second quarter.

Economists say the bank's policymakers could decide to keep the rates at the current level for the next several months to continue aiding recovery which they have so far placed over attempts to rein in inflation.

According to Howard Archer, chief UK and European economist at IHS Global Insight, said the MPC will continue to give priority to protecting "what is still overall muted recovery from very deep recession".

He added: "Although UK GDP spiked up by 1.2% in the second quarter, the Bank is very well aware that this substantially exaggerates the strength of the economy and that the recovery is still at risk from serious headwinds."

The powerhouse services sector saw its slowest growth in more than a year during August, according to the Chartered Institute of Purchasing and Supply's (CIPS) closely-watched industry survey.

Copyright © Press Association 2010

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