Interest rates remain unchanged

09 July 1998

Interest rates remain unchanged

By FWi staff

THE Bank of England has decided against increasing interest rates, it was announced at mid-day today (Thursday).

The cost of borrowing remains pegged at 7.5% following the monthly meeting of Banks Monetary Policy Commitee meeting.

The bank caused consternation among businesses and home-owners last month when it raised rates by 0.25% to the current level.

The Labour government has increased interest rates six times it started office in May last year.