Earlier this month the Monetary Policy Committee met for its monthly meeting in order to discuss the base rate, and it was decided following the meeting that the base interest rate would be kept on hold at 5%. The base rate was last cut in April, following two earlier rate cuts. However, despite concerns over the slowing economy and the effects of the global credit crunch on consumer finance and confidence the Bank of England decided to focus more on rising inflation levels, thus deciding to keep the base rate at 5%. (more…)
