November 7, 2003	Friday	Ramazan 11, 1424

LONDON, Nov 6: The Bank of England raised interest rates for the first time in almost four years on Thursday, becoming the first of the world’s four biggest central banks to tighten policy in response to a nascent global economic recovery.

The Bank of England’s nine-member monetary policy committee agreed to raise the main official lending rate by a quarter point to 3.75 per cent, the central bank said in a statement.

The European Central Bank announced shortly afterwards that it was leaving its main interest rate unchanged at 2.0 per cent.

The British hike, the first since February 2000, comes amid concerns about galloping consumer credit and a seemingly unstoppable rise in house prices.

“The global economic recovery appears to be gathering momentum, though the pattern is uneven,” the Bank of England said, explaining its decision.

—AFP