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The Bank of England has held UK interest rates at a record low of 0.5% for another month. Rates have been at 0.5% for five years, but as the economy recovers there are expectations of a rise early next year. And there are still many economists who feel that the slow growth in wages means that households and businesses would suffer if rates increase too soon. However, pressure to raise rates eased last month, with official figures showing that inflation fell to 1.6% in July–while wages fell 0.2%.

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