Bank of England keeps interest rates on hold
July 15, 2016
The Bank of England (BoE) yesterday announced that the interest rate was to remain at 0.5%, they voted by a majority of 8-1 to maintain the present Base Rate.
This was the the first meeting of the Bank of England’s Monetary Policy Committee (MPC) following the UK’s momentous Brexit decision, it was also the first rate decision to be announced under the new Prime Minster Theresa May.
This was good news for mortgage borrowers on a variable rate deal as the Base Rate influences wider interest rates, it is unlikely that they will see an increase in their mortgage pay rate in the near future.
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