THE BANK of England resisted calls for a cut in interest rates to offset signs of a slowdown in consumer spending and left rates on hold yesterday.
The Bank's Monetary Policy Committee (MPC) decided to keep the base rate unchanged at its 39-year low of 4.0 per cent for the 14th month in a row.
The European Central Bank also kept its benchmark lending rate unchanged at 2.75 per cent yesterday.
The decision by the MPC had been widely forecast and came as little surprise to industry, trade unions or the financial markets. But there is growing speculation that the next move in rates will be down rather than up, amid evidence that the domestic economy is weakening.
