Interest rates held at 4.75 per cent

The Bank of England's Monetary Policy Committee today voted to maintain the Bank's interest rate at 4.75 per cent.

Earlier this week, the British Retail Consortium released its latest figures on retail performance early in a bid to add to growing industry pressure for a drop in the rate.

At the last meeting of the MPC there had also been an indication that the committee was leaning towards a small cut, probably a 0.25 per cent reduction.

BRC director-general Kevin Hawkins (pictured) reflected: 'We are obviously disappointed that the Monetary Policy Committee has not reduced interest rates today, especially in the face of so much evidence from across the economy that a reduction is now urgently needed.

'The committee's failure to act simply means that we will lose at least another month to no purpose.'