Bank of England interest rates announced today

Posted: 04 Jun 2009 09:21:28 GMT

The Bank of England's interest rates announcement will be made later today, with many economists expecting no change from their current level of 0.5 per cent.

At noon, the Bank's monetary policy committee (MPC) will reveal if these predictions are correct.

Earlier this week, the Centre for Economic and Business Research economist Arek Ohanissian suggested that his organisation expect interest rates to be "on hold for quite a while".

"At this point we are estimating that they won't start pushing it up until the first or second quarter of 2010," he explained.

The MPC brought the base rate down to its current level in March and it has remained that way ever since.

Almost two years ago the rate of interest reached 5.75 per cent, at a time when the economy was perceived to be in a much healthier state than it is at present.


© Houseladder Ltd