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Bank of England base rate remains at 4.75 per cent

The MPC has decided the Bank of England base rate will remain at 4.75 per cent for this month.

Skipton Building Society chief executive John Goodfellow says: “Had there been a rise, the Committee would have found it difficult to back this up when taking into account what is happening in the economy; we’re seeing a weak retail market, a strong performance by Sterling proving unattractive to exporters and a housing market and consumer spending that are both cooling – all of which mean, should this continue, the rate will remain at 4.75 per cent for some time to come. However, much will hinge on the inflation report, due in May, which historically has coincided with rate increases.”

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