Regional Business Information for Yorkshire
Interest rates held for 12th month
4th March 2010
By David Parkin - Managing Director
THE Bank of England has held interest rates at the same level for the 12th month in a row.
The Bank's Monetary Policy Committee (MPC) kept the rate unchanged at 0.5% and decided against increasing its policy of Quantitative Easing - the programme of pumping money into the economy.
Commenting on the Bank of England's decision, Peter Hensman, global strategist at Newton Investment Management, said: "As expected, the Bank of England left policy unchanged at the meeting of the Monetary Policy Committee.
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No surprise here. The Yorkshire Shadow MPC (YSMPC) has voted to hold rates in recent months as there are a number of factors which will push inflation down over coming months. Weak sterling is also seen as broadly a good thing because it stimulates exports. The markets seem to expect a halt to further QE. The big worry now is whether the private sector is yet ready to pick up and offset the big cuts in public spending that are on the way. Jonathan Oxley Chairman YSMPC
Jonathan Oxley