Bank of England votes to hold interest rate at 5.25%
Amidst a volatile financial climate, the Bank of England has announced its decision to maintain the base rate at 5.25%. After 14 successive increases since December 2021, this marks the first instance in nearly two years that the central bank has opted to keep the base rate steady.
The Monetary Policy Committee (MPC) voted closely on the matter, with a 5-4 majority favouring the decision. This announcement was made on the heels of a report from the Office for National Statistics (ONS) that presented a slight dip in inflation by 0.1%, bringing it down to 6.7%.
The past months were turbulent, seeing inflation reaching an astonishing 40-year peak at 11.1% in October 2022. This, combined with the persisting cost-of-living crisis, has exerted immense financial strain on families throughout the UK, sparking concerns of a looming recession. However, the MPC’s recent decision hints at a gradual economic recuperation.
For clients of companies like Mortgages Remortgages and other mortgage brokers, this move by the Bank of England offers a momentary respite after enduring months of escalating mortgage rates and growing worries about loan affordability.
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