The Bank of England has kept interest rates on hold at 5%, but a further cut is expected later in the year.
Interest rates affect the mortgage, credit card and savings rates for millions of people across the UK.
The first drop in rates for more than four years came in August, but borrowing costs remain high. Read More Here
The Bank of England's governor said a decision to cut interest rates is "an important moment in time" but warned people not to expect a sharp fall in the coming months.
In a closely-run decision, rates were lowered to 5% from 5.25% on Thursday, marking the first cut since the start of the pandemic in March 2020. Read More Here
The rate cut has come at last.
This is more than just the Bank of England cutting its base interest rate for the first time in four years.
The cut will be seen as an important staging post as the economy starts to turn the corner on years of inflationary shocks.
It is opportune timing for the new chancellor and government, with a strong pound helping contain some inflationary pressures from imports.
There will be some relief for many homeowners and movers, although most are now stuck on fixed-rate mortgages and are likely to face much higher rates when these deals expire over the next few years. Read More Here
UK interest rates should be cut to 3.5% by the end of next year, the International Monetary Fund (IMF) has recommended.
Such a move could see the Bank of England cut its key rate by up to seven times from its current level of 5.25%.
The IMF's comments came as it upgraded its UK's growth forecast for 2024, but it it advised against any further tax cuts.
Chancellor Jeremy Hunt said the report "clearly shows that independent international economists agree that the UK economy has turned a corner". Read More Here
The Bank of England boss has said "we are on the way" to interest rate cuts after they were left unchanged at 5.25%, their highest for 16 years.
The Bank still needed to see inflation fall further, but last month's drop to 3.4% was "very encouraging and good news," governor Andrew Bailey said.
But he said rate cuts could come before inflation hits its 2% target.
It leaves open the option that the Bank could cut interest rates as early as May, sooner than had been expected. Read More Here
I’m sure you’ve all seen that inflation for February has slowed to 3.4% from 4% in January bringing us ever closer to the 2% target.
3.4% is a two & half year low and on a monthly basis rose by the slowest amount since September 2021.
(21st Sep 2023) - Bank of England holds base rate at 5.25%. Is this the end of road for hikes?
The Bank’s Monetary Policy Committee (MPC) voted by a 5-4 majority to maintain the base rate at 5.25 per cent. Four members preferred to increase it by 0.25 percentage points to 5.5 per cent Read More Here
Experts predict an end to Bank of England base rate hikes Read More Here
(25th June 2023) - UK Prime Minister Rishi Sunak has urged homeowners and borrowers to "hold their nerve"
The UK Prime Minister has urged homeowners and borrowers to "hold their nerve" over rising interest rates aimed at bringing down stubborn inflation.
Rishi Sunak told Sunday with Laura Kuenssberg: "I want people to be reassured that we've got to hold our nerve, stick to the plan and we will get through this."
This week the Bank of England raised interest rates to a 15-year high of 5.00%.
Millions of people are facing higher mortgage repayments following the rise.
"I can tell you as prime minister, the Bank of England is doing the right thing," Mr Sunak told the BBC. "The Bank of England has my total support. Inflation is the enemy." Read More Here
Banks and building societies will offer more flexibility to struggling mortgage-holders as rates soar
The move comes after bank bosses met the chancellor, Jeremy Hunt, in Downing Street on Friday.
Borrowers will be able to make a temporary change to their mortgage terms, then will be able to return to their original deal within six months. Read More Here
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