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FRIDAY 3RD JUNE 2005
 NO CHANGE EXPECTED ON UK INTEREST RATES

All 45 economists polled by Reuters earlier this week said they expected no change in interest rates when the Bank of England's Monetary Policy Committee report next Thursday.

Of those economists ready to give a forecast for when and which direction the next interest rate would move, some 70% expected a cut while 30% expected a hike.

As for when the next rate movement would come, of those 27 that said it would be a cut, just over 10% expected it in August while 30% expected it by the end of the year. 33% expected it in the first quarter of 2006 while the remainder said later in 2006.

Only 10 economists forecast a hike and of those, 6 thought it would come before the end of the year while only 2 expected it to come later in 2006.

At last month's MPC meeting only one of the nine members, Andrew Large, voted against keeping the rate maintained at 4.75%. He would have preferred to see the rate increased by a quarter point.
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