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Thursday, 8 April 2010

Interest Rates Held at 0.5%

The Monetary Policy Committee has decided to hold interest rates at 0.5%. Commenting on the decision, Dr Brian Sloan, Head of Business and Economic Policy at Greater Manchester Chamber, said: “As expected the Bank of England once again maintained its expansionary position, holding interest rates at 0.5%. With inflation coming under control as anticipated in the Bank’s forecasts, this is not unexpected and helps support the weak recovery indicated in our latest Quarterly Economic Survey.

“The General Election will result in a slight delay to the next MPC decision, which will now be on May 10th. This will be one to watch closely for the committee’s deliberations which will be published on May 19th. This could provide the first authoritative verdict on the new Government’s stance on dealing with the country’s budget deficit and debt mountain.”

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