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Bank of England holds interest rate at 5%

The Bank of England’s Monetary Policy Committee has today voted to maintain interest rates at 5 per cent.

Nationwide specialist lending managing director Andy McQueen says: “While today’s decision was widely expected, the mood in the City has been changing. In the last month we have seen a shift from a certainty that interest rates would continue to increase, to an expectation that they could be lower than previously thought over the next two years.

“This change, which has been reflected in forward swap rates, has mainly been influenced by the worsening state of the economy, particularly highlighted in recent weeks by the news of redundancies coming from the house-builders. It is this worsening economy which will prompt the Bank of England to maintain, and potentially even drop, rates going forward, despite the threat of above target inflation.”

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