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This marks the fourth consecutive time the Bank of England has maintained the base rate. Find out how this may impact the savings and mortgage markets.
In the final scheduled vote of this year, the Bank of England’s Monetary Policy Committee decided by 6 to 3 to maintain the base rate at 5.25% heading into 2024. This is the third consecutive time the MPC voted in favour of a pause to interest rates. Find out what this means for the savings and mortgage markets.
The Bank of England’s Monetary Policy Committee (MPC) voted 6 to 3 in favour of maintaining the base rate at 5.25% for the second consecutive month.
The Bank of England’s Monetary Policy Committee (MPC) voted to make its 14th consecutive base rate increase today. The latest 0.25 percentage point rise means interest rates now stand at 5.25%, a new 15-year high. The hike follows a month in which UK inflation saw a larger than expected drop to 7.9%.
Last month, the Treasury introduced the Mortgage Charter, a pledge which aims to help those worried about how rising interest rates will affect their mortgage repayments. But will this arrangement offer some reprieve for struggling homeowners? This article explains.