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Bank of England holds main UK interest rate at 4% with inflation above target
The Monetary Policy Committee voted 7-2 to maintain the rate amid 3.8% inflation and rising food prices, reflecting concerns over economic uncertainty and wage growth.
- The Bank of England held the base rate at 4% on Thursday after a previous cut from 4.25% on August 7, according to the Bank of England.
- Consumer Prices Index inflation remained steady at 3.8% in August, according to figures released by the Office for National Statistics .
- Rachel Springall, a finance expert at Moneyfactscompare.co.uk, stated that mortgage rates have been volatile, benefiting borrowers looking to secure new deals.
- Next week, UK Savings Week will encourage families to maximize their savings, with many accounts offering returns of 4% or more, according to Rachel Springall.
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‘Disappointment’ for home buyers and ‘frustration’ for savers as base rate held
Some mortgage rates have been creeping up in recent weeks, while savings rates have been falling, finance experts said. Some mortgage rates have been hiked over the past month, despite August’s base-rate cut, while “frustrated” savers have seen rates tumble, according to a financial information website. The Bank of England kept the base rate on hold at 4% on Thursday, after having previously made a 0.25 percentage point reduction from 4.25% to …
Money blog: Bank of England announces interest rate decision - and it's bad news for mortgage holders
Today in Money, we're covering the Bank of England's decision to hold the interest rate at 4% - follow live to find out what it means for you. You'll also find the best inflation-busting savings accounts.
·United Kingdom
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Total News Sources63
Leaning Left8Leaning Right11Center14Last UpdatedBias Distribution42% Center
Bias Distribution
- 42% of the sources are Center
42% Center
L 24%
C 42%
R 33%
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