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Bank rates on hold again

Interest rates will remain on hold at six per cent for the fourth consecutive month.

The Bank of England&#39s Monetary Policy Committee has decided to keep the base rate unchanged at their monthly meeting this week. The move has been greeted with acclaim by the business community.

Last month, the decision to maintain the status quo was due to the slowing down of the manufacturing sector, and this month&#39s move was a further reflection of this fact, industry sources say.

British Chambers of Commerce deputy director general Ian Peters says: “The Bank is right to avoid a knee-deep reaction to initial signs of a weaker pound.”

Confederation of British Industry director general Digby Jones says: “Business is pleased at the news.”

But the Chartered Institute of Management Accountants disagrees, saying two-thirds of finance directors in the UK believe a fall in interest rates would benefit the economy.

CIMA deputy secretary Jake Claret says: “We were expecting a drop in interest rates and our survey shows strong sentiment in favour of a decrease. Unfortunately, today&#39s decision shows that the Bank of England is just not listening to business.”

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