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Fears of accelerating inflation as the price of commodities and foodstuffs continues to soar led the Bank of England to keep interest rates unchanged at 5 per cent yesterday.
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Outlook: With the rates dilemma never more acute, the Bank doesn't know which way to
You don't need to wait until next week's publication of the quarterly Inflation Report to know why the Bank of England yesterday left interest rates on hold. Inflationary pressures are refusing to abate, and whereas further out a fast slowing economy should cause prices to ease, it looks perverse to be cutting interest rates into a worsening medium term inflation outlook.
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Bank holds interest rates despite turmoil
Interest rates held at 5% as inflationary risks outweigh warnings of a flagging economy
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Mortgage costs are still rising despite the Bank's big freeze of interest rates
Mortgage costs will continue to climb today even though the Bank of England held interest rates steady at 5 per cent yesterday. One of the biggest lenders is increasing its rates, adding nearly £900 a year to the cost of repaying a typical mortgage. The move by Alliance & Leicester comes as two City banks warned yesterday that the country's housing market is in the grips of recession
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