UK Interest Rate Unchanged
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The UK interest rate, set by the Bank of England, has been left unchanged at 4.5% after the bank’s meeting on the 12th of January. The move to keep interest rate the same is seen by analysts as the Bank waiting on more reports from retailers and their Christmas figures.
The UK economy has been stuttering recently with slower than expected growth and a small slowing down of the housing market. However, reports from the Office for Nation Statistics show strong growth through November in manufacturing output, up 0.4% in November after a 0.8% drop in October.
With interest rates still relatively low, it is hoped that the housing market will stabilize and more consumer confidence, which has shown signs of weakening recently as credit card debt mounts.