LONDON (AFX) - The Bank of England's decision to keep interest rates unchanged is the right one as inflation and pay settlements remain well under control, according to the Confederation of British Industry. Earlier, the BoE announced that its Monetary Policy Committee has decided to hold its repo rate at 4.00 pct for the seventh successive month. The decision was widely expected. "This is the right decision with pay settlements slowing and inflation well under control. The economy remains fragile despite early signs of a pick up in manufacturing," Ian McCafferty, CBI Chief Economic Advisor, said. "The heat in the consumer market is beginning to cool and interest rates need to stay stable to ensure the upturn takes hold," he added.