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Published Date: 08 May 2008

Interest rates are staying at 5 per cent this month

Interest rates stay at 5 per cent

The Bank of England announced it won't be changing interest rates this month – despite a general slowdown in the economy.

Its monetary committee met today and decided to keep them at 5 per cent.

That's despite a number of negative reports recently highlighting troubles in the economy, including a reduction of many house prices.

However it's not an unexpected move by the Bank. Experts think it will be forced to drop rates to 4.75 per cent next month.

It's believed it didn't do it this month, because it's worried about inflation getting out of control. As the price of food and fuel rises, that will affect inflation, even though we have less cash in our pockets.

Last Updated: 08 May 2008 08:51 PM

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