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The Bank of England’s Monetary Policy Committee (MPC) has kept interest rates at 5.75% despite speculation the weakening housing market and turmoil in the credit markets would force it to ease the base rate. Many analysts now believe the cost of borrowing will be cut in either November or December 2007, though the MPC may be wary of cutting rates while oil prices are high.

Tags: bank_of_england, cost_of_borrowing, credit_markets, housing_market, indiana-loans, monetary_policy_committee, uk-interest-rates