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The Bank of England has decided to hold interest rates at 5.5 per cent for a second month, in a bid to calm fears over a recession.
After last month`s decision to cut rates by 0.25 per cent, consumers looking for debt advice may like to know that the Bank faced a difficult balancing act between the slowdown in consumer spending and increasing inflationary pressures.
The move was widely predicted by many financial experts, although some expect future decisions will not be so easy for the Bank.
Barry Naisbitt, Abbey`s chief economist, said: "Financial markets were undecided about the prospects for this month but were firmly expecting a rate cut either this month or next.
"There are now more signs of slowing economic activity than a month ago, with some recent indicators from retailers adding to this."
