BoE leaves rates unchanged

The Bank of England left interest rates unchanged at 4.5% following its two-day monetary policy meeting. The central bank's Monetary Policy Committee last cut rates in August 2005, when policy rates were reduced by 0.25%.

Interest rates have been remarkably stable in the United Kingdom, since the BoE concluded its tightening cycle in August 2004. Between November 2003 and August 2004, the central bank took policy rates from 3.5% to 4.75%, but has only changed rates once - the August 2005 cut -