Bank of England lifts rates to 4.75%, ECB holds

The Bank of England's Monetary Policy Committee voted to raise the Bank's repo rate by 0.25 percentage points on Thursday 5 August. The Bank said that its decision reflected continued strong growth which is likely to lead to rising inflationary pressures. The ECB also met Thursday and held rates unchanged.

Output growth has been robust and business surveys point to continued expansion. Although the housing market remains buoyant, there are now signs that it is starting to ease, and the growth