No rate rise until the new year

01 November 2004
Analysts expect the Bank of England to leave interest rates unchanged at 4.75 per cent this week.

The bank's monetary policy committee has raised the base rate of borrowing five times in the last 12 months.

But with consumer spending falling and the housing market cooling, experts now expect interest rates to remain at their current level.

Stewart Robinson, a director at Lombard Street Research, told Bloomberg: "It's pretty clear we're not going to see another rise for quite some time . . . the bank can afford to wait."

The vast majority of analysts canvassed by the news agency expected the base rate to stay on hold until the new year.
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