Bank of England holds base rate
Published: 07-Mar-2008
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The Bank of England announced yesterday (Thursday, March 6th) that it will maintain the current base rate.
The Bank's Monetary Policy Committee (MPC) decided that interest rates should be held at 5.25 per cent, in line with the predictions of many financial analysts.
In response, Simon Rubinsohn, chief economist for the Royal Institution of Chartered Surveyors (Rics), said on Thursday that he felt this was the "appropriate decision".
He commented: "The Bank of England predictably left base rates on hold today. The Rics believe that this was the appropriate decision following the lowering in rates in both December and February.
"Although the housing market is continuing to weaken, other parts of the economy are displaying rather greater resilience at this stage."
Mr Rubinsohn anticipated that the MPC would make further cuts to the base rate later thisyear.
"Our judgement is that the next move will be in May," he remarked.
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