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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 has decided to keep the main interest rate at 4% as inflation concerns persist, according to the MPC's latest meeting results.
- A majority of 7-2 voted to maintain the rate, with two members favoring a reduction to 3.75%.
- Inflation remains high, with the ONS reporting a consumer price inflation of 3.8% in August, well above the 2% target.
- Analysts predict that interest rates will remain steady for at least six months, with potential future cuts as inflation is expected to fluctuate.
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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 Sources52
Leaning Left8Leaning Right10Center13Last UpdatedBias Distribution42% Center
Bias Distribution
- 42% of the sources are Center
42% Center
L 26%
C 42%
R 32%
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