Banks hold rates in face of credit crisis
Banks hold rates in face of credit crisis
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It was what the Bank of England said rather than what it did that excited interest in the City yesterday. The Monetary Policy Committee's decision to leave rates unchanged at 5.75 per cent was widely expected. The European Central Bank also left its benchmark borrowing rate at 4 per cent, as widely thought. What was surprising was that the Bank of England issued an accompanying statement, signalling that its awareness of market conditions. It is only the third time in the decade-long history of the MPC it has done so when it left rates on hold (the last occasion being May 1999). |
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News entry number 1067 added on Sep 7, 2007 in the Business News category.
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