Business Services Industry
Bank of England Keeps 4 Percent Base Rate for Loans.
Knight Ridder/Tribune Business News, April, 2004
By Ruth Sunderland, Daily Mail, London Knight Ridder/Tribune Business News
Apr. 9--Borrowers have been granted a reprieve by the Bank of England, which chose to leave base rates unchanged at 4 percent at its meeting yesterday. The Old Lady confounded pundits who had been predicting the third quarter-point increase since November.
But there is a strong sense that the Monetary Policy Committee, which sets interest rates, has simply postponed the inevitable. The decision to forgo a rise this time will have been a closely argued one.
The Bank has recently been unusually forthright in expressing worries about rampant consumer borrowing and the runaway housing market.
No fewer than three committee members -- governor Mervyn King,...
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