Bank of England

The Bank of England's Monetary Policy Committee (MPC) has voted to maintain interest rates at their current level of 5.75%.

The Treasury Select Committee is to re-interview Mervyn King, Alistair Darling and Callum McCarthy over the banking crisis which led to the near collapse of Northern Rock.

Mortgage business volumes are expected to be depressed slightly through the first half of 2008, according to the Intermediary Mortgage Lenders Association (IMLA).

The Governor of the Bank of England, Mervyn King, says it was right not to intervene too early in the UK banking crisis, which resulted in Northern Rock borrowing over £20bn of public money.

Northern Rock's emergency funding line has now reached around £23bn, according to the latest balance sheet figures from the Bank of England.

November is the most likely month to see a change in interest rates, indicating the Bank of England may cut rates next week, according to Legal and General.

The Chancellor, Alistair Darling, has dismissed a Treasury Select Committee suggestion to merge the FSA and the Bank of England.

The Bank of England says there is evidence some lenders may already be returning to making irresponsible lending decisions.

The Bank of England has rejected claims by Northern Rock's chief executive, Adam Applegarth, that it caused the collapse of talks with a potential saviour for the firm by refusing to provide a funding facility.

Minutes from the Bank of England's Monetary Policy Committee (MPC), released today, have raised hopes the Bank might cut interest rates in the new future.