Interest rates are have today been left unchanged at four per cent.

After the recent downturn in stock markets, coupled with evidence that consumer spending is calming, the Bank of England decided against a rate rise this month.

Forum Response: Construction Products Association

Allan Wilen, economics director at the CPA, told ePolitix.com: "The Construction Products Association welcomes the Bank's decision to leave interest rates unchanged at four per cent, especially given that inflationary pressures across the UK economy remain weak.

"The exception is house price inflation where price rises have been aggravated by inadequate new housing provision due to excessive planning restrictions and delays. However weaker earnings growth is widely expected to temper house price inflation over the coming months.

"On a wider front any rate rise now would jeopardise the prospects of recovery for UK manufacturing, which continues to be under pressure from overseas suppliers despite the recent strengthening in the euro."

Forum Response: Federation of Small Businesses

A spokesman for the FSB told ePolitix.com: "This decision will provide a period of stability and certainty for small businesses. Holding rates at four per cent will also provide a platform for which small businesses can prepare for inevitable rise in interest rates in the run up to Christmas."

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 stock markets are so jittery at present. And even though the second quarter GDP figures looked stronger, we are not convinced that a strong and sustainable recovery is firmly established.

"On the contrary there are signs that economic recovery is faltering both domestically and in our main markets. Moreover, there are now increasing signs that both the housing market and, in particular, consumer spending is easing. Given the very benign inflationary situation, there is currently little pressure for an increase in interest rates."

Forum Response: British Retail Consortium

A spokesman for the British Retail Consortium told ePolitix.com: "With the low levels of high street inflation, the Bank's decision was justified.

"The BRC's Retail Sales Monitor has shown a definite slow down in retail sales over the last three months, with a moderation consumer confidence in that has translated into prudent but still positive spending.

"However, if the recent problems in the equity markets further erode public perception of their spending power, the Bank of England may need to reduce rates further."