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Bank charges: Bank rate remains at 0.5%

The Monetary Policy Committee (MPC) has voted to keep interest rates at 0.5 per cent.

This is despite another member joining Andrew Sentance in calling for it to be increased. In January's meeting, the debate as to whether rates should be increased became heated.

Ted Scott, director of global strategy at F&C, claims that the problem for the MPC now is that inflation has risen above the official target of two per cent.

He said: "The Governor, Mervyn King, has warned that inflation could rise as high as five per cent this year.

"While inflation expectations remain anchored at around three per cent, the MPC is likely to continue to take heed of the weak economic data."

Mr Scott added that the MPC will want to see how fast the economy grows in the first quarter of 2011 and then reassess the situation.

It is thought that a rate hike could stall the economy at a time when unemployment is high and rising and money supply and credit growth remains weak.

Amir Hussain

Amir specialises in personal loans, consumer debt and debt management.


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