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Published 18 August 2008
The Bank of England's (BoE) Monetary Policy Committee (MPC) has voted to keep interest rates at 5.0%. This is the fifth month that the Bank has held interest rates, with analysts commenting it is being in pulled in different directions, due to rising inflation and slowing growth. Some commentators are suggesting that rates may have to be cut over the coming months, in order to prevent the economy slipping into a recession.
BANK OF ENGLAND REPO INTEREST RATE |
|
rate from date shown |
|
| 09 August 2008 | 5.00 |
| 10 JULY 2008 | 5.00 |
AUGUST 2007 |
5.75 |
Futures Rates
The BBA LIBOR is the most widely-used benchmark, or reference rate, for short-term interest rates. LIBOR (London Interbank Offered Rate) is the rate of interest at which banks borrow funds from other banks, in marketable size, on the London Interbank market. At the moment these rates indicate that interest rates are to increase. For more information click here.
UK LIBOR Rates 04/08/08 |
|
|---|---|
OVERNIGHT |
5.05 |
1 WEEK |
5.07 |
1 MONTH |
5.38 |
6 MONTHS |
5.98 |
1 YEAR |
6.15 |
Source: British Banking Association
Note: Mortgage rates vary between institutions but typically lie between 1.5-2.5% over base rate for agricultural businesses although individual circumstances will affect these rates.
