Policymakers at the Bank of England have left interest rates unchanged for the fourteenth straight month. Following a two-day meeting, its first of 2003, the bank's monetary policy committee (MPC) has announced that it will hold the repo rate at 4.0pc. The bank was not expected to lower rates due to fears of over inflating the UK housing market. "But this may be set to change in the forthcoming months," said Ulster Bank economist Niall Dunne in a note today. "Yesterday, three key retailers in the UK - Dixons, Boots and Next - all reported slower sales than anticipated in advance of Christmas. If house prices start to stabilise in the UK, we could well be looking for a rate cut in the UK by Q2," Dunne added. The European Central Bank (ECB) is due to announce its latest interest rate decision at 1245. It is also expected to leave rates on hold, having reduced borrowing costs by 0.50pc last month. //www.fxcentre.com