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BoE Keeps Interest Rates at 0.5%

Thursday, August 5th, 2010

The Bank of England voted to leave monetary policy unchanged on Thursday with interest rates at the historic low of 0.5 per cent and £200bn of newly created money pumped into the economy to boost the recovery.

At its crunch August meeting, the Monetary Policy Committee’s considered verdict on June’s emergency Budget is that it will not undermine the recovery sufficiently to warrant taking offsetting action.

It has also judged that inflation is not enough of a concern to begin to raise interest rates, even though prices in June were 3.2 per cent higher than a year earlier and inflation has been at least 1 percentage point above the Bank’s 2 per cent target throughout 2010.

Posted in Interest Rates, UK economy | No Comments »

CEBR says base rate stable at 0.5% until 2012

Thursday, June 24th, 2010

Following the emergency budget, the Centre for Economics and Business Research (CEBR) predicts that interest rates will remain stable at 0.5% until the end of 2012.

Douglas McWIlliams, chief executive of CEBR, says: “The chancellor noted Mervyn King’s remark at the Mansion House dinner that if growth was slower interest rates would be lower.

“We agree and – with our lower growth forecast we now think that base rates will be stable at 0.5% until the end of 2012 and the 10 year bond yield will fall to 3%. With base rates lower for longer, we also expect mortgage rates to fall from around 4% at present to 3% by early next year.”

Source: mortgagestrategy.co.uk & cebr.com

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Interest rates held at record low of 0.5%

Monday, May 10th, 2010

The Bank of England left interest rates at a record low today as markets rallied and politicians breathed a sigh of relief following the €720bn (£628bn) eurozone bailout.

Base rates remained at 0.5% for the 15th month after the Bank, which usually publishes its decision on the first Thursday of the month, delayed last week’s announcement to avoid a clash with the election.

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BoE and ECB keep interest rates at record low

Thursday, March 4th, 2010

The Bank of England today kept interest rates at a record low of 0.5 per cent and made no increase to its unprecedented scheme of pumping money into an economy struggling to get back on its feet.

The decision was widely expected and analysts expect no change in monetary policy until much later this year as the central bank waits for a clearer recovery from the worst economic downturn since World War II.

If anything, BoE policymakers have left the door open to more monetary easing in the form of expanding their £200 billion scheme to buy assets with newly created money — quantitative easing in the jargon — if the economy worsens.

Posted in EU economy, Interest Rates, Irish economy, UK economy | No Comments »

UK Interest Rates Remain at 0.5%

Thursday, December 10th, 2009

It’s the tenth month that interest rates have stayed at the 0.5%, with no change. Experts expect to see rates remaining at this level well into 2010.

The economy is now showing signs of picking up as house prices are rise and forward-looking surveys point to an ongoing recovery in activity.

Posted in Interest Rates, UK economy | No Comments »

Loans to UK homebuyers rise 23%

Tuesday, August 11th, 2009

The UK housing market showed further signs of stabilising during June with a 23 per cent jump in the number of mortgages taken out by people buying a home, figures revealed today.

Around 45,000 mortgages were advanced for house purchase during the month, the fifth consecutive monthly increase and the highest level for a year, the Council of Mortgage Lenders said.

There was also a steep rise in the number of first-time buyers getting on to the property ladder, with 17,200 mortgages taken out by people buying their first home, 26 per cent more than during May.

The RICS survey showed a continuing rise in interest from potential buyers, with new inquiries increasing for the ninth month in a row during July.

Posted in Interest Rates, Mortgage, UK economy | No Comments »

Bank of England keeps interest rates on hold at 0.5%. ECB keep rates unchanged at 1%.

Thursday, August 6th, 2009

The Bank of England’s rate-setters have decided to pump another £50bn of new money into the economy in their programme of quantitative easing.

It will take their total spending to £175bn, unexpectedly going over the £150bn set aside by the chancellor.

In a statement, they said that the UK recession “appears to have been deeper than previously thought”.

The rate-setters also decided to keep interest rates unchanged at their historic low of 0.5% for a sixth month.

Also on Thursday, the European Central Bank decided to keep its interest rates unchanged at 1%.

Posted in EU economy, Interest Rates, UK economy | No Comments »

Bank of England keeps interest rates on hold

Friday, July 10th, 2009

The Bank of England keeps interest rates on hold at 0.5% and decides not pump any more new money into the economy.

Bank of England, 1816