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Bank claim: Base rate maintained at 0.5%

Consumers who are in the process of making a bank claim may be interested to hear that the base rate will remain at 0.5 per cent for another month.

It was announced today (April 7th) that the Bank of England's Monetary Policy Committee (MPC) voted to maintain the base rate.

Commenting on this revelation was Ian McCafferty, chief economic advisor at the CBI, the UK's top business lobbying organisation.

He said: "With inflation edging upwards, and additional cost pressures in the pipeline, questions over the underlying pace of growth leave the Bank of England in an unenviable position. Not surprisingly, they've elected to wait until things become a little clearer before setting their course towards any rises."

Mr McCafferty added that there are currently conflicting messages about the low level of consumer confidence against brighter prospects in certain sectors.

He said that the MPC is "no doubt" waiting for signs that the recovery is back on track before it increases rates.

John Fieldman

Having worked in the city for 19 years, John's main focus is interest rates and corporate finance.

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