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PPI: Interest rates held at 0.5%

The Bank of England has decided to keep interest rates at 0.5 per cent amid apparent concerns over the strength of the economic recovery.

The bank's Monetary Policy Committee (MPC) voted to freeze the base rate for the 18th straight month in its meeting today (August 5th). 

Despite the rapid second quarter growth in GDP (1.1 per cent), many economists have predicted this to fall again throughout the year and the MPC appears to be in agreement with them.

David Kern, chief economist at the British Chambers of Commerce, claimed the austerity measures announced in the Budget will only increase the likelihood of another setback.

He said: "Given the precarious economic background, it is absolutely vital that the MPC maintains the current low level of interest rates until the second quarter of 2011 at the earliest."

The sole MPC member who has expressed his desire for a rise in interest rates is Andrew Sentance, who has voted for an increase for the past two months.

Posted by Amir Hussain

Amir specialises in personal loans, consumer debt and debt management ADNFCR-2776-ID-800014834-ADNFCR

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