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Article: Economic Update - MPC Starts to See the Light.(raising of interest rates)

Article from:
Mondaq Business Briefing
Article date:
June 10, 2004
Copyright

In raising interest rates for the second month in a row the MPC has sent its strongest signal yet that it wants to bring an end to the consumer and housing market booms. It has realised that it needs to modify the "boring monetary policy" if it is to have a significant effect.

This second 0.25% rise should be seen as the completion of unfinished business left over from the last meeting when the Committee clearly considered raising rates by 0.5% but then drew back. This is the second shoe to drop.

The data released in the last few weeks show that consumers have shrugged off the last three rises in interest rates with apparent ease. Indeed, the rise in ...

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