Give growth a chance

9 October 2003

The central bank left interest rates unchanged. But markets are still betting the next move will be up, perhaps before the end of the year. That could herald a move towards higher interest rates elsewhere in the world.

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The Bank of England kept interest rates at a 48year low of 3.5% despite some signs that the economy is growing faster than expected.

Europe's secondlargest economy grew twice as fast as previously estimated in the first half, the government said last week.

However, reports this week on manufacturing and trade were less promising. In August factory output fell the most in almost a year and exports to the rest of the European Union, Britain's largest trading partner, dropped to a fouryear low.

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