Abbey: Interest rate decision was expected

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Abbey: Interest rate decision was expected

It was not a surprise that the Bank of England's monetary policy committee (MPC) would choose to cut the base interest rate, according to Abbey.

A statement by Abbey's chief economist Barry Naisbitt stated that the reduction "had been widely expected".

The decision is evidence of a slowing economy - in particular within the service sector and the housing market, he explained, and was made to help reduce the impact of inflation on consumers.

Mr Naisbitt commented: "The reduction should help to bolster consumer confidence and support economic activity at a time of continued uncertainty."

He added that there are a range of other factors which may combine to further increase inflation in the near future, such as energy price rises.

The Bank of England's Inflation Report "will be a key insight" into this trend, he said.

Minutes from the most recent MPC meeting will be published on February 20th.
ADNFCR-323-ID-18459216-ADNFCR

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