Interest Rates Kept On Hold

As reported in the UK Press today some news of interest for the UK property market as The Bank of England's interest rate setters have kept the cost of borrowing unchanged at 0.5% for the fourth month in a row. It added it was not planning to extend its quantitative easing scheme under which it creates money to buy bonds in order to stimulate the economy.

It will continue with its current plan to spend £125bn. Some had expected it would increase that amount.But the move allows it to pause and assess economic data, observers said.In addition earlier this week, the British Chambers of Commerce (BCC) business group said that the worst of the UK's recession was over, but added that talk of a recovery was premature.

However latest official data showed the UK economy contracted by 2.4% in the first three months of the year, a decline not exceeded for 51 years.

A very mixed bag of messages but more good than bad.

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