The Bank of England's Monetary Policy Committee (MPC) voted to maintain the official Bank Rate paid on commercial bank reserves at 5%.
This is the fifth consecutive month the rate remains unchanged, the previous change occurring on 10 April when the Bank Rate was reduced 0.25 percentage points. Edward Menashy, chief economist at Charles Stanley said: “The no change decision was made despite the latest OECD forecast that indicated that UK GDP growth would be 1.2% lower than the 1.8% growth estimate that the organisation had made three months ago. Reductions of similar order were made for most Eurozone economies. “However, help is at hand, inflation is approaching a peak, with data from Germany, Spain and China indicatin...
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