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BOE maintains bank rate at 0.5%

05-06-2011 10:18 BJT

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The Bank of England has kept its key interest rate at 0.5 percent, a widely expected move after a run of subdued data, which has cast doubt on the strength of Britain's economic recovery.

Inflation is double the BoE's target at 4 percent, and a new set of internal quarterly forecasts is likely to show it peaking even higher in the coming months, at just under 5 percent. But the majority of the Monetary Policy Committee have long insisted that Britain's above-target inflation is due to a series of one-off shocks. And tepid first-quarter growth and several sub-par April industry surveys are likely to strengthen their conviction, that domestic inflation pressures are minimal.

Editor:Xiong Qu |Source: CNTV.CN

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