The Right Rate

UK Businesses have welcomed the decision by the Bank of England's Monetary Policy Committee to keep interest rates unchanged this month at 5.25%.

The UK's rate of inflation fell last month to 2.7%, down from an 11 year high of 3.0%.

The UK's Chamber of Commerce economic advisor David Kern had this to say: "Given the worsening global risks, highlighted by the acute turmoil on the international financial markets, an early hike in rates could have very harmful effects on business confidence and on the economy's growth prospects."

The Monetary Policy Commission themselves suggested that they would 'wait and see' what the effect of last month's rate change were before deciding on whether further rate changes would be required.

Many economic advisors are not predicting further rate changes in the short term but suggest that with the budget being announced in late March and other economic factors such as volatile oil prices and share prices a further rate increase later this year will be inevitable.

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