Interest Rates Remain Unchanged

The Bank of England's interest rate setting committee has decided to leave base rate on hold at 4.5%. And that's the seventh month in a row rates have been left where they are.

The Bank's latest rate decision should come as no great surprise, given a steady rate of inflation and a gentle recovery in the housing market.

But the retail sector is bound to be disappointed - especially after recent figures from the British Retail Consortium showed a weak trend on the High Street with like-for-like sales up just 0.6% last month. And this after subdued January sales.

In a broader context the economic picture remains mixed. And a clutch of statistics released Thursday only serves to highlight the point.

Industrial output, for example, rose by 0.4% in January - the third straight monthly increase and the longest period of expansion for almost 4 years.

The rise - twice the rate the City had been expecting - came as manufacturing output increased by 0.2% - again the third straight monthly gain and the longest period of expansion for two quarters.

Despite the upbeat industrial and manufacturing output numbers the figures for Q4 industrial output were revised lower, however. And that could mean 0.02% being shaved off Q4 GDP.

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