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Strategies & Market Trends : Mish's Global Economic Trend Analysis
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To: Knighty Tin who wrote (42397)12/8/2005 10:14:28 AM
From: mishedlo  Read Replies (2) of 116555
 
BoE must monitor consumer spending after leaving rates on hold today - CBI
Thursday, December 8, 2005 12:27:59 PM
afxpress.com

LONDON (AFX) - The Bank of England's decision to leave interest rates on hold today is "understandable", but the bank must monitor developments in consumer spending closely, a leading business lobby said

"The Bank has again opted to maintain a steady course, which is understandable given the mixed signals about the economy's immediate prospects and the importance of holding down inflation expectations ahead of the New Year wage round," the Confederation of British Industry's chief economic adviser Ian McCafferty said

However, the CBI's forecasts show that consumer spending will continue to be constrained by high energy costs and an unwillingness to borrow given high personal debt levels, leaving the economy growing only modestly into next year, he said

"The Monetary Policy Committee must therefore be on guard against further economic weakness, and be ready to cut rates in the New Year, unless wage rises or other inflationary pressures provide a good reason not to." The BoE reduced the benchmark repo rate by a quarter point to 4.50 pct in August, where it has been stuck ever since
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