Despite tears and pleas from the construction industry, the Bank Of England has kept the interest rate at 5% for another month at least.
Responding to its needs to keep inflation in check, the Bank Of England decided that cutting the rate was not an option even with a full blown recession staring it in the face.
Ignoring the construction industry and hard hit homeowners, experts now predict that it is unlikely that we will see any further cuts in the interest rate until much later in the year if at all.
It is not great news, as if anything, inflation seems very much out of control with oil prices setting records every other week, affecting not just fueling the family car and home but transportation of almost everything that we purchase.
1 comment so far
1 Alex // Jun 10, 2008 at 10:54 am
Great blog - you cover a lot of the same ground as our own, you should check it out. We try to update it every day, so it’s a good place to start on economy matters.