Interest Rates Up To 4%
As expected, Bank of England raises base rate by a quarter per cent
5th February 2004
As widely predicted, the Bank of England has raised its base rate by a quarter of a point to 4%, following recent evidence of continued strong spending. Experts predict further rises later in the year if the economy continues to grow at its present rate.
The Bank stated that the rise was not in reaction to current inflation figures, but a preemptive move to keep inflation on target in the medium term.
Many industrial leaders are worried that this move might throttle the nascent recovery in the manufacturing sector, with the British Chambers of Commerce describing the decision as 'premature'.
Read More: Bank of England, BBC
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