Bank of England leaves interest rates unchanged
LONDON (CBS.MW) -- The Bank of England left its key short-term repo rate unchanged at 4 percent, as expected. Economists have been expecting the bank to gradually lift its benchmark interest rate this year to brake record consumer borrowing. The BoE has twice raised rates by a quarter point since November last year. British consumers have been emboldened by the extraordinary surge in house prices. Most economists, and U.K. lenders and home builders, expect the rate of house price increases to slow this year. Yet the data remains strong. Lender Halifax said British house prices rose 1.6 percent in February from January, representing an annual growth rate of 17.8 percent. Economists, on average, expect the BoE may lift rates at the May meeting.
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