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UK base rates maintained at 0.5%

UK base rates have been maintained at 0.5% by the Bank of England MPC which held this month's meeting slightly later than expected due to the election. The vast majority of analysts had expected UK base rates remain at 0.5% although there is a growing number who are forecasting an increase towards the end of 2010. However, the Bank of England has a very difficult situation to navigate through with UK economic activity subdued to say the least and inflation more buoyant than in recent times.

It would appear that the Bank of England is more concerned about actual economic growth than inflation at the moment although if inflation does continue to rise we could see this strategy amended. It is also more evident that the Bank of England is discussing potential strategies and potential situations with analysts more than it used to. This has been welcomed by the city after a period during which many economic decisions and strategies were kept behind closed doors culminating in a number of surprises and shocks.

UK base rates have remained exceedingly low for some time now although very few UK consumers appear to be feeling the full benefits as of yet.

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