Press Release Summary = Mr James Knightly, economist at ING commented that the minutes had suggested that there was little appetite for an imminent move. He suspected a rise in rates in the month of November. He further added on behalf of ING that they looked for rates to peak at 4.75 per cent while the market expected them to reach 5.25 per cent in the coming year.
Press Release Body = Despite inflation, the Bank of England has left the interest rate unchanged for July in the backdrop of a weaker jobs market, as reveals the minutes.
London (adverse-credit-business-loans) July 12, 2006: The minutes confirmed that all seven members of the rate setting committee of the Bank of England voted unanimously over rate freeze to leave the borrowing cost unchanged.
Under the presumption that a weaker jobs market would ease off the pricing pressure, the monetary policy committee (MPC) decided to leave the borrowing cost unaffected. The analysts were expecting the interest rate to remain stable for at least another month in spite of faster inflation. The latest statistics showed on Tuesday that the inflation rate had increased from 2.2 per cent in May to 2.5 per cent in June.
Mr James Knightly, economist at ING commented that the minutes had suggested that there was little appetite for an imminent move. He suspected a rise in rates in the month of November. He further added on behalf of ING that they looked for rates to peak at 4.75 per cent while the market expected them to reach 5.25 per cent in the coming year.
Sadly, Mr David Walton, the only person who had voted for a rise in the interest rate in an earlier MPC meeting died on June 21 this year.
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