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05/06/2003
Interest rates freeze gets cool reception
The Confederation of British Industry (CBI) has said that the Bank of England was wrong today to keep interest rates on hold.
Following the Monetary Policy Committee move to freeze rates at 3.75%, the CBI said that a rate cut would have added momentum to the UK's sluggish economic recovery.
Ian McCafferty, CBI Chief Economic Adviser, said: "This would have been a timely moment to give the economy a helping hand.
"There is little hard evidence that the recovery is gathering sufficient momentum. Sterling seems to have stabilised after its sharp fall last month and in the current economic climate there is no risk of significant pressure on inflation.
"Business will now hope for a rate cut next month to drive the economy out of this sluggish spell."
The TUC also hit out at the decision, with the organisation's senior economist, Ian Brinkley, saying: "UK manufacturers will be disappointed. With so much economic uncertainty across the world a cut now would have given industry more confidence to invest."
The Director General of the British Chambers of Commerce, David Frost, said that it had been a "missed opportunity" to boost business.
"The Bank of England has definitely missed an opportunity to offer extra support to UK business in a climate of weak demand at home and overseas. Inflation may be hovering above its target, but sales in most sectors are relatively weak.
"The value of the pound may be falling, but considering the eurozone's economic performance, Britain's exporters may not see a rapid improvement in sales.
"We urge the Bank to ease rates while output growth is weak and sales are under control to boost all sectors of the economy at this uncertain time."
(GMcG)
Following the Monetary Policy Committee move to freeze rates at 3.75%, the CBI said that a rate cut would have added momentum to the UK's sluggish economic recovery.
Ian McCafferty, CBI Chief Economic Adviser, said: "This would have been a timely moment to give the economy a helping hand.
"There is little hard evidence that the recovery is gathering sufficient momentum. Sterling seems to have stabilised after its sharp fall last month and in the current economic climate there is no risk of significant pressure on inflation.
"Business will now hope for a rate cut next month to drive the economy out of this sluggish spell."
The TUC also hit out at the decision, with the organisation's senior economist, Ian Brinkley, saying: "UK manufacturers will be disappointed. With so much economic uncertainty across the world a cut now would have given industry more confidence to invest."
The Director General of the British Chambers of Commerce, David Frost, said that it had been a "missed opportunity" to boost business.
"The Bank of England has definitely missed an opportunity to offer extra support to UK business in a climate of weak demand at home and overseas. Inflation may be hovering above its target, but sales in most sectors are relatively weak.
"The value of the pound may be falling, but considering the eurozone's economic performance, Britain's exporters may not see a rapid improvement in sales.
"We urge the Bank to ease rates while output growth is weak and sales are under control to boost all sectors of the economy at this uncertain time."
(GMcG)
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08 September 2005
Interest rates remain on hold at 4.5%
The Bank of England has left interest rates unchanged at 4.5%, as expected by many analysts. Last month, the Bank’s Monetary Policy Committee (MPC) reduced interest rates from 4.75% to 4.5%, amid fears of a slowdown in economic growth and a slump in consumer spending.
Interest rates remain on hold at 4.5%
The Bank of England has left interest rates unchanged at 4.5%, as expected by many analysts. Last month, the Bank’s Monetary Policy Committee (MPC) reduced interest rates from 4.75% to 4.5%, amid fears of a slowdown in economic growth and a slump in consumer spending.
04 September 2003
Interest rates stick at 3.5%
The Bank of England’s Monetary Policy Committee has announced that the UK interest rate will be held at 3.5%. Many leading economists consider that the interest rate may have reached its lowest point, particularly as there are early signs of an economic recovery.
Interest rates stick at 3.5%
The Bank of England’s Monetary Policy Committee has announced that the UK interest rate will be held at 3.5%. Many leading economists consider that the interest rate may have reached its lowest point, particularly as there are early signs of an economic recovery.
07 April 2005
Labour the party of economic stability, says Blair
The Labour Party has begun electioneering in earnest, placing the economy at the heart of its campaign. Prime Minister Tony Blair said the country faced a fundamental choice “about what kind of country we are, what kind of people we are, what kind of future we see for ourselves.
Labour the party of economic stability, says Blair
The Labour Party has begun electioneering in earnest, placing the economy at the heart of its campaign. Prime Minister Tony Blair said the country faced a fundamental choice “about what kind of country we are, what kind of people we are, what kind of future we see for ourselves.
04 November 2004
Interest rate hold praised by CBI
The Confederation of British Industry (CBI) has welcomed the Bank of England's decision to leave interest rates on hold at 4.75%. The last change in interest rates was an increase of 0.25 percentage points to the present level on August 5.
Interest rate hold praised by CBI
The Confederation of British Industry (CBI) has welcomed the Bank of England's decision to leave interest rates on hold at 4.75%. The last change in interest rates was an increase of 0.25 percentage points to the present level on August 5.
05 May 2009
New Single Planning Policy For Economic Growth
A new planning policy setting out a comprehensive approach for planning for sustainable economic growth in all parts of the country has been published for consultation by Housing and Planning Minister Margaret Beckett today.
New Single Planning Policy For Economic Growth
A new planning policy setting out a comprehensive approach for planning for sustainable economic growth in all parts of the country has been published for consultation by Housing and Planning Minister Margaret Beckett today.
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Northern Ireland WeatherToday:Cloudy with longer spells of rain during the morning, this rain heavy at times. Generally brighter in the afternoon, but with scattered and at times heavy showers. Maximum temperature 14 °C.Tonight:A mainly dry evening and night with isolated showers dying out and some longer clear spells. Then it will cloud over towards morning with some heavy showers. Minimum temperature 7 °C.
