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Bank of England Holds Rates Despite High Inflation

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April 7, 2011
The Bank of England held interest rates at a record-low 0.5 percent on Thursday despite a surge in inflation, ceding the limelight to the European Central Bank, which was expected to raise borrowing costs less than an hour later.

A majority of BoE policy makers continue to judge the economic recovery too shaky to withstand higher rates, betting that inflation of 4.4 percent — more than double the target — will ease once oil and food prices come down.

Meanwhile the ECB, dealing with a much smaller inflation problem, has left little doubt that a first post-crisis rate hike was on the cards on Thursday.

All but one of 67 economists polled by Reuters had expected the BoE to leave its key rate at 0.5 percent on Thursday, where it has been since March 2009.

This article was posted: Thursday, April 7, 2011 at 5:20 am

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