UK Landlord Forum / Life

UK interest rates have been left unchanged at 5% following the latest meeting of the Bank of England's Monetary Policy Committee (MPC).

The decision to hold rates had been widely expected amid concerns about the pace of inflation.

Rising food and fuel prices pushed inflation to 3% in April, well above the government target of 2%.

The MPC has already cut interest rates three times since December in an attempt to help the slowing economy.

However, the economic slowdown and falling house prices had led some to call for another cut in rates to boost spending.

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Experts call for 0.75% bank rate cut.

Interest rates must be cut in Britain to stave off a painful economic slowdown, experts warned today.

The Organisation for Economic Co-operation and Development said rates needed to be cut by 0.75 percentage points to 4.25% in the first six months of next year.

It also shredded Gordon Brown's reputation for prudence by highlighting that the Government's ability to counter the economic downturn had been limited by 'excessively loose fiscal policy in past years when economic growth was strong'.

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