MPC meeting makes interest rate cut unlikely

27 January 2005
Interest rates are unlikely to be cut in the coming months, according to the latest data emerging from the Bank of England.

With high street sales performing poorly and the property market continuing to prove erratic, there have been predictions that interest rates will dip when the Bank's interest rate-setting Monetary Policy Committee (MPC) next meets.

However, the minutes from the last meeting of the MPC, released yesterday, emphasise the probability of rates being frozen.

According to the minutes from this month's meeting the decision to keep the interest rate at its current level was backed unanimously, with all off the members agreeing on the move.

The MPC said that it had received "little news this month" that would lead it to adjust its position, with the interest rate potentially now staying at the level it has been fixed at since August last year.

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