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Platinax Internet >> Platinax Internet News
« EU faces off on Chinese textile imports | Main | Unemployment down, but jobless totals up » May 18, 2005Bank of England retains interest rate
At its May Monetary Policy Committee meeting, The Bank of England voted 8-1 to freeze the cost of borrowing at 4.75% for the ninth consecutive month. Only the Bank's deputy governor, Sir Andrew Large, voted for an immediate 0.25% rate rise, asserting that it was needed to meet the 2% inflation target. In its recent quarterly inflation report, the Bank said that inflation could temporarily exceed the 2% target in the near term due to the ongoing increase in oil prices. It said, however, that it was unlikely that inflation would spiral out of control, as there was sufficient scope to accommodate the oil price increase. The Monetary Policy Committee warned that it could re-consider its decision if manufacturers responded to rising oil prices by increasing wages and the price of their products. Overall, the Monetary Policy Committee considered that risks to consumer price inflation were balanced, but said that an increase in demand could lead to further inflation. Posted by at May 18, 2005 09:05 PM > Discuss this in the Platinax Internet business forums |
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