Interest rate is frozen again

12 April 2012

THE Bank of England moved to calm City jitters today when its monetary policy committee voted to leave interest rates at 4% for the eighth successive month.

The committee ignored recent pleas from the country's mortgage lenders to raise rates to cool the housing market and appeared instead to focus on the fragile recovery in manufacturing and the volatile state of the stock market, which has dropped in value by 6% in the past two days.

Data published yesterday showed mortgage lending in May increased by the biggest margin since records began in 1993. But separate figures showed the service sector was slowing down.

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