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Bank charges: Bank of England's decision on interest rates 'a non-event'

Consumers who are currently experiencing bank charges may have been surprised at how little attention the Bank of England's (BoE) recent decision on interest rates garnered.

The BoE's Monetary Policy Committee voted to maintain the official bank rate paid on commercial bank reserves at 0.5 per cent for the 29th month in a row.

James Roberts, director at foreign exchange and international payment solutions company, said that people are not that interested in the bank's decision, but are more concerned with what was discussed at the meeting.

He said: "That tells us what the committee are thinking in terms of, are they going to start printing more money? Or is the emphasis on one or two members who are making noises and starting to vote for rate increases? At the moment neither of those would apply."

Mr Roberts added that the decision was something of a "non-event" and that many people forgot the bank was announcing it.

John Fieldman

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

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