Bank of England Poised to Freeze Interest Rates
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The Bank of England is expected to leave its benchmark repo rate at 5.25% as it waits for clearer signs on the direction of Britain’s economy.
The bank’s Monetary Policy Committee started cutting rates in February in response to slowing global demand and tame domestic inflation. Rates were lowered in three quarter-point steps from 6.0%.
Britain’s interest rates are still the highest among the Group of 7 leading industrialized nations, but the British economy so far has shown few signs of weakness.
The committee will announce its decision today.
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