UK Interest Rates Remain At 0.5%
The Bank of England base rate has remained at 0.5% for the 27th month in a row despite recent inflation rises from food prices.
Inflation in the UK is currently 2% higher than the targets set by the Bank of England and was 0.5% higher in April than it was in March.
While it was expected that the interest rate would remain unchanged many experts are now warning that energy and food prices could force a change by the Bank of England.
James Knightley, economist at ING said, "with inflation likely to move above 5% in the next three to four months on the back of rising utility bills and food prices and with employment and employment intentions surveys remaining firm, we feel that the balance of probabilities favours an earlier move,"
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