9 June 2005
The Bank of England's (BoE) Monetary Policy Committee (MPC) has held interest rates at their current level of 4.75 per cent, therefore not affecting loan repayments.
This is good news for people with loans, or those who are considering getting a loan, as it means repayments will not rise.
It had been widely rumoured that interest rates would be kept on hold, in spite of slow consumer spending, though the MPC is expected to take this into consideration regarding interest rates in future months.
Ian McCafferty, chief economic business advisor at the CBI, said: "Today's decision to leave rates on hold for the tenth consecutive month will maintain stability and should support confidence."
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