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MPC holds rates at 4.75 per cent

The Bank of England’s Monetary Policy Committee has held interest rates at 4.75 per cent.
TUC Chief Economist Ian Brinkley says: “The Bank was right to stick at 4.75 per cent. There are no inflationary pressures threatening the UK’s economic stability. But industry is still not having a good time. In the past twelve months, 112,000 jobs have been lost in manufacturing. If 2005 is to be a better year for the sector, the next interest rate shift must be downwards.”

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