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Bank of England holds interest rate

04 November 2004
The basic rate of borrowing in the UK will remain at 4.75 per cent in November, the Bank of England has said.

Over the last year the Bank's Monetary Policy Committee (MPC) has hiked interest rates five times, but the decision today represents its third consecutive monthly rates freeze.

Some analysts are now predicting that there will be no more rises in interest rates, and that the next major movement will be downwards.

"We continue to expect that rates have peaked, the next move being downwards in the second half of next year," said George Buckley, UK economist at Deutsche Bank.

Earlier this week John Butler, HSBC's head of UK economics, commented that any drop in rates might re-ignite the slowing property market.

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