The Bank of England has voted to leave interest rates unchanged at four per cent.

The Bank's monetary policy committee made the announcement on Thursday following its monthly meeting.

Forum Response: Federation of Small Businesses

A spokesman for the FSB told ePolitix.com: "Small businesses will be pleased that the monetary policy committee kept rates at the same level.

"We appreciate that at some stage this year rates may have to rise, however the committee made the correct decision at this time."

Forum Response: Construction Products Association

A spokeswoman for the Construction Products Association told ePolitix.com: "The Construction Products Association welcomes the news that the Bank of England has decided to leave interest rates at 4 per cent for the time being. The Association believes that any increase at this stage would jeopardise the recovery of manufacturing and push up the value of the Pound against the Euro, which is beginning to settle at a more sustainable level.

"The Association would also urge the Bank of England to be cautious when considering any future increase. We cannot allow housing to become a brake on economic growth when the rise in house prices is being exacerbated by the inadequate provision of housing due to excessive planning restrictions and delays.

"Present planning restrictions also have a high social cost. The Association estimates that current levels of new social housing provision need to be doubled to accommodate the growing numbers of key workers who are currently being squeezed out of the housing market.

"It is down to government to ensure that sufficient land is made available for housing development and, as the chancellor prepares for the next Comprehensive Spending Review (CSR) in July, he must assess the need for additional social homes over the next 5 years and make sure that the CSR includes sufficient resources to deliver its promise of 'a decent home for all'."

Forum Response: British Retail Consortium

Bill Moyes, director general of the British Retail Consortium, told ePolitix.com: "Shop price inflation remains way below that of general inflation. Competition in the sector ensures that retailers are continuing to provide customers with value and the Bank of England with the climate they need to offer stable interest rates.

"There is no evidence that demand is too strong on the high street and therefore no need for the MPC to increase interest rates".

Forum Response: Institute of Directors

Ruth Lea, head of the policy unit at the IoD, told ePolitix.com: "We welcome today's unchanged interest rates, especially as the jury seems to be out on the strength of the upturn in the economy.

"Earlier in the year many indicators seemed to be pointing to recovery but over the past couple of months there have been some very disappointing developments.

"We still expect growth this year and, given the continued buoyancy in the housing market, we still expect some modest firming in interest rates this year. But we do not expect the Bank of England to increase rates until there are more obvious signs of economic strength."