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07 April, 2011 12:24 (GMT +01:00)
Bank of England keeps record low interest rates
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City News Desk

The economic slow down is worse than expected with the Bank of England's Monetary Policy Committee voting to maintain the official Bank Rate paid on commercial bank reserves at 0.5%. The Committee also voted to maintain the stock of asset purchases financed by the issuance of central bank reserves at £200 billion.

Economic figures from manufacturing production was flat compared to the previous month, after jumping 0.9pc in January, the Office for National Statistics (ONS) said. The value of sterling also fell by 0.6pc to just under 88p against the euro as investors pushed back expectations of a rise in rates.  

The fears are that millions of people with variable rate mortgages, who are already struggling to keep up payments on rising utility costs, could lose their homes with hikes in interest rates.
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