Press Release Summary = Cost of borrowings on hold bring respite for borrowers
Press Release Body = The rate of interest has remained unchanged for the consecutive11th month. The Monetary Policy Committee of Bank of England\'s has voted in favour of cost of borrowing to be at 4.5 per cent.
London ( easy-debt-consolidation-loan ) 14 July, 2006: Interest rates have remained frozen for the eleventh consecutive month. The Monetary Policy Committee of Bank of England\'s has voted in favour of cost of borrowing to be at 4.5 per cent.
In the month of May, the Bank cautioned that price rises would be above its 2 per cent target in 2 years if it did not raise the rate of interest of secured and unsecured loans. But t Mervyn King, Bank\'s governor suggested last week that he was in no hurry to change rates as fall in the stock market and the strength of the currency eased inflationary fears.
He also said that though costs of essential products are rising but the cost of other products are stagnant and salary growth remained quiet.
This news has brought great relief to thousand of Britons who are on the verge of taking personal loans or are paying variable rate of interests.
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