Disappointment at rates decision
Business groups have reacted with disappointment to the Bank of England's Monetary Policy Committee's (MPC) decision to hold interest rates at 5.75%.
The British Chambers of Commerce (BCC) said it was "not entirely surprised" by the MPC's decision.
But a spokesman added:
"Given the worsening economic prospects, both UK and global, a cut today would have been justified and would have been very helpful in restoring confidence."
The British Retail Consortium (BRC) said leaving rates on hold would increase the financial pressure on retailers and customers.
A spokesman said:
"There is only one way for rates to go when the MPC meets again in a month's time and that is down. Consumers and retailers desperately need the relief."
However, a Confederation of British Industry (CBI) spokesman said:
"The Bank will need to be vigilant for any signs of a significant erosion of business or consumer confidence but, unless the outlook for the wider economy dramatically worsens as a result, the Bank may well sit tight until early 2008."
