Interest rate stays at 5%

Following the July Monetary Policy Committee meeting last week it has been announced that the base interest rate is to remain on hold at 5%. The Bank of England cut the base rate three times since December, taking it from 5.75% to 5%. However, since May the base rate has remained static after inflation levels soared to 3.3%, which is way over the 2% target set by the government. Read more

Tags: light, inflation, uk factories, Gross domestic product, economy

Euro Doing Better Than Expected

The European Union witnessed a not insignificant amount of economic growth during the first fiscal quarter of 2008. Experts predicted dismal growth for the Euro, in light of the recent slowdown in the global economy. Yet, the vigorous gross domestic product (GDP) figures in European Union countries kept the value of the Euro relatively high, constituting “a last hurrah for the eurozone econonmy,” in the words of economist Nick Kounis.  Read more

Tags: gdp, government, first three months, rate, growth rate, country, economy, light