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Article: Call for cut as MPC keeps interest rates on hold

Article from:
The Scotsman
Article date:
April 11, 2003
Author:
Copyright

ECONOMISTS bet on a quarter-point cut in interest rates in four weeks after the Bank of England froze its key lending charge yesterday at 3.75 per cent.

After two days of deliberation, the monetary policy committee decided to leave interest rates untouched. The cost of borrowing is at the lowest level since 1955.

Business leaders immediately called for interest rates to be chopped when the committee convenes on 7-8 May. Iain McMillan, director of the Confederation of British Industry in Scotland, said: "The Bank must cut rates at the earliest opportunity."

He added: "When you consider the continuing global economic uncertainty that is reflected across the eurozone and US, and the signs of ...

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