BSA reflects on interest rate decision
News Category: Industry News
Published: 09-Apr-2009
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Landlords and letting agents looking to find out the consequences of recent Bank of England financial policies will understand things further in the long term, it has been suggested.
According to the Building Society Association (BSA), "it will take some time" before the results of recent economic decisions will become clear.
In a statement following today's interest rate decision by the Bank's monetary policy committee, the BSA said: "Leaving [the] Bank rate on hold allows the impact on the wider economy of the recent rate cuts and the decision to start quantitative easing to be assessed."
The MPC opted to leave the base rate at 0.5 per cent - the first time it has not been reduced since September 2008.
Interest rates reached 5.75 per cent in November 2007, but have gradually moved down over the last 17 months as the MPC has tried to reduce the cost of borrowing since the onset of the credit crunch in the UK.
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