Base rate held at Mark Carney's first meeting
The Bank of England's Monetary Policy Committee has voted to maintain the base rate at 0.5% during new governor Mark Carney's first meeting. The Bank of England says that since the May Inflation Report, market interest rates have risen sharply internationally and asset prices have been volatile.
The bank goes onto say: "In the United Kingdom, there have been further signs that a recovery is in train, although it remains weak by historical standards and a degree of slack is expected to persist for some time. Twelve-month CPI inflation rose to 2.7% in May and is set to rise further in the near term.
Further out, inflation should fall back towards the 2% target as external price pressures fade and a revival in productivity growth curbs domestic cost pressures."
July 5, 2013
Get started today
Speak to one of our mortgage experts. Book an appointment to come and see us or request one of our experts to call you.
