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06 Mar, 2008

Tanya Powley - 06-Mar-2008

The Bank of England Monetary Policy Committee has decided to hold interest rates at 5.25 per cent.
Hamptons managing director Jonathan Cornell says: "The decision to hold the base rate in March is inline with city predictions and Mervyn King's own warnings earlier this month. With inflation forecast to rise above 3% by the end of the year, it seems the MPC has remained true to its word and, at the risk of economic slowdown, is ensuring that maintained inflation remains its primary concern.

"Such a decision will come as another blow to struggling mortgage borrowers. The two rate decreases since December have done little to alleviate the increases in mortgage repayments and today's decision comes at a time when certain major lenders have actually increased the interest on their top line rates.

"With next week's budget looming, today's decision is unlikely to enhance optimism about what lies ahead for homeowners next week."

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