We're miles away from that

We're miles away from that."The eight-person MPC has been split since January, and the latest published minutes revealed the Governor had to use his casting vote in favour of no change in February. The pound was almost unchanged against the German mark while the sterling index edged 0.1 lower to 107.3. Shares continued their upward trend, the FTSE 100 index climbing 50 points to 6,105.5.City experts disagreed about whether borrowing costs should rise to cool the pace of overall growth and keep inflation on target, but most were sceptical about whether a statement of intent from the Bank would make any difference to the pound.Roger Bootle, chief economist at HSBC Markets, welcomed the decision yesterday. Sterling's climb during the past two years has slowed down export growth, putting manufacturers under increasing pressure.Ken Jackson, general secretary of the Amalgamated Engineering and Electrical Union, called for the House of Commons Trade and Industry Committee to investigate the strong pound."One third of manufacturing was wiped out during the recession of the 1980s.

There was the trace of a smile on his face and the steel was back in his eyes.. INTEREST rates will not be raised this month, the Bank of England's Monetary Policy Committee announced yesterday, in a decision which put it under the most intense scrutiny it has experienced since its creation last May. The announcement brought relief to home-buyers but got a grudging welcome from industry. Businesses and unions, which had lobbied vigorously against a rate rise, called for the Bank to go further and declare it would not increase the cost of borrowing in future either. Ian Peters, deputy director general of the British Chambers of Commerce, said: "The Governor of the Bank of England must now send a clear signal that interest rates have reached their peak."Kate Barker, chief economist at the Confederation of British Industry, said: "It would have been better news still if the Bank of England had indicated that there was now a good chance that the next interest rate move would be downward."The MPC's meeting was bound to be controversial because of the strength of the pound, which many people blame on the level of interest rates. The same will happen again if rates rise further," he predicted.The reaction in the financial markets to the MPC's announcement was muted. "That's a good score in these conditions and I'm delighted to be hitting the ball good again. Only thing was that my putter let me down."Pavin's victory in the US Open removed the curse of being known as the best player never to win a major championship "But this is the baby I most want," he added.

"That's the best round I've played since - no I don't want to think about how long," he said after finishing one over. With expert judgement and club selection, Pavin foiled the wind with a four-iron to the 11th green that set up a comfortable two putt par.Many have found disaster at the 12th, either finding water in front of the green or the bunker behind. Pavin's chip back went six feet past and two putts cost him another shot.It was after hitting a sand wedge to two-and-a-half feet at the 15th, and despite bogeying the next, that Pavin felt his game to be in much better order. Taking a similar line to his playing partner, David Toms, steely-eyed in concentration, the Californian sent his drive into the perfect position, finding the left side of a wide depression on the fairway.Applause rippled from the gallery, but Pavin's second was less than perfect leaving him with a tricky long putt that slid seven feet past Two from there Back to level par.So to Amen Corner. I was 176th on Tour in greens in regulation and you can't play out here doing that. Not only will you be out of contention, you won't even make cuts."This year Pavin has missed five of eight cuts, finishing no better than tied for 39th place with only $11,155 (pounds 7,000) in earnings, but he dismisses the theory that a change of clubs led to his problems "If I didn't like them I wouldn't use them," he said. "Things began to go wrong 18 months ago and I have it difficult to put them right."Now working with an English coach, Gary Smith, who was on David Leadbetter's staff, Pavin arrived at Augusta feeling that the Masters would be another turning point in his 17-year professional career.Going off into a cross wind that all the competitors would find troublesome, in some cases more than could be coped with, Pavin dropped a shot at the second, but made two birdies to reach the turn at one over.Crossing to the 10th tee, Pavin felt the wind from his right and across at the wavering branches of tall pines.