News Article - 05 June 2008
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The Bank of England's monetary policy committee (MPC) will hold its monthly interest rate setting meeting today.

Analysts are predicting that the committee members will vote in favour of leaving interest rates on hold at five per cent.

However, calls have grown over the past month to reduce the cost of borrowing and boost the economy in the wake of soaring fuel, food and energy prices and a sluggish housing market.

Concerns over the rate of inflation are likely to cause the MPC to vote in favour of keeping rates on hold after committee members voted eight to one against any change last month.

Business leaders have called for a rate cut in order to increase spending and halt the current economic slowdown.

Latest figures from economic organisation the OECD predicted that Britain's economic growth will slow to 1.8 per cent in 2008 and 1.4 per cent in 2009.

Accounts software packages can help small businesses to manage their finances accurately in the event of a change in interest rates.

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