07:00 ET<\/span><\/span><\/p>\nUK interest rates have been kept at the record low of 0.5% again by the Bank of England’s Monetary Policy Committee.<\/p>\n
Data this week pointed to a slowdown in growth in manufacturing, construction and services, which economists took as a sign that the Bank would not change rates with the recovery still weak<\/p>\n
This is despite the fact that inflation is currently at 4%, double the Bank’s target rate.<\/p>\n
The MPC did not reveal any new quantitative easing measures either.<\/p>\n
The Bank has faced a difficult choice – either keep interest rates low to try to aid the economic recovery, or raise them to try to cool inflation.<\/p>\n
Raising rates takes demand out of the economy and slows down inflation.<\/p>\n
But it also increases the cost of borrowing, and there are concerns this may tip the UK back into recession.<\/p>\n
The economy shrank by 0.5% at the end of last year, but returned to growth in the first three months of 2011, expanding by 0.5%.<\/p>\n
“The middling growth figures for the start of this year were unlikely to tilt the balance of votes towards a rise this month,” commented Lee Hopley, chief economist at the manufacturers’ organisation, the EEF.<\/p>\n
“So long as the underlying economic recovery remains murky the case for a rate rise can’t be made until it becomes clearer.”<\/p>\n<\/div>\n
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