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Sep 12, 2006
The Monetary
Policy Committee of the Bank of England has voted to freeze the official Bank
rate paid on commercial bank reserves at 4.75%.
The previous
change in interest rates, an increase of 0.25 percentage points to 4.75%, was
implemented by the Bank of England last August 3, 2006. It resulted in some
apprehension among UK’s
financial service providers as the cost of borrowing suddenly jumped. As a
result of the rate freeze, the financial sector is expected to remain stable in
the short term.
The Bank of
England says minutes of the meeting will be published at 9.30am on Wednesday, the
20th of September 2006.
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