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Interest rates stay at 5 percent
The Bank of England has held interest rate at 5.0%. UK Businesses have been calling for a reduction in rates but with the current inflation figure already riding above the government’s target the rate hold is not entirely surprising.
The continuing coverage of recessionary risks will be seen by many as a justification for a rate cut, but the MPC is walking an inflation versus economic slowdown tightrope.
The decision to hold the rate means a third month in a row of no change by the Bank.
