06/06/2002
NI business leaders welcome rates hold
The Institute of Directors (IoD) in Northern Ireland has welcomed the decision by the Monetary Policy Committee to leave interest rates unchanged at 4%.
However, the IoD warned that interest rates could still rise over the next two to three months if consumer spending and the housing market remained buoyant.
Describing the decision by the Bank as the right one, especially as the jury seems to be out on the strength of the upturn in the economy, Denis Rooney, Chairman of IoD Northern Ireland, said: “Earlier in the year many indicators seemed to be pointing to recovery but over the past couple of months there have been some very disappointing developments.
“We still expect growth this year and, given the continued buoyancy in the housing market, we still expect some modest firming in interest rates this year. But we do not expect the Bank of England to increase rates until there are more obvious signs of economic strength.”
(MB)
However, the IoD warned that interest rates could still rise over the next two to three months if consumer spending and the housing market remained buoyant.
Describing the decision by the Bank as the right one, especially as the jury seems to be out on the strength of the upturn in the economy, Denis Rooney, Chairman of IoD Northern Ireland, said: “Earlier in the year many indicators seemed to be pointing to recovery but over the past couple of months there have been some very disappointing developments.
“We still expect growth this year and, given the continued buoyancy in the housing market, we still expect some modest firming in interest rates this year. But we do not expect the Bank of England to increase rates until there are more obvious signs of economic strength.”
(MB)
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Northern Ireland WeatherToday:A sunny but frosty start for many. However cloud increases by midday with a few showers reaching the north coast, these mostly light but spreading inland this afternoon. Chilly. Maximum temperature 8 °C.Tonight:A rather cloudy evening with scattered showers. Becoming drier through the night with some good clear spells developing and a patchy frost away from coasts. Minimum temperature 0 °C.