Press Release Summary: The Bank of England has decided to keep the base rate of interest unchanged for the third month in succession.
Press Release Body: London (loans-bazaar) October 6, 2007: Interest rate for the month of October has been left unchanged by the Bank of England. Many people expect the Bank to cut rate later this year as the global credit crunch begins to affect the economy.
Experts say that the Bank is likely to continue its 'wait-and-watch' policy on rates until the clear effects of the global credit squeeze are observed. Last month, the U.S. Federal Reserve slashed interest rates by 50 basis points.
Ian McCafferty, chief economic adviser at the Confederation of British Industry said: "An interest rate cut was unlikely this month as there are, as yet, few signs of any serious damage to the real economy from the upheaval in the money markets. What\'s not in doubt is that the next move will be down."
Holding the interest rate steady signals no relief for those who want to take out mortgages and secured loans to meet their financial requirements.
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