No change to base rate

The Bank of England has revealed it is not making any change to the base rate.

Having set the level at a record low of 0.5 per cent in March, the Monetary Policy Committee (MPC) has maintained this ever since and today it revealed it has chosen to continue doing so.

It has also voted to hold the quantitative easing programme of asset purchases at £175 billion.

The absence of any rate rise may help those looking to get a favourably priced mortgage or remortgage.

Such a decision was widely anticipated, with a survey of 60 economists by Bloomberg before the meeting finding all of them predicting a continuation of the current figure.

A second poll by the news agency found 35 experts stating that the quantitative easing programme would also see no change this month.

Minutes of the latest MPC meeting – which will reveal how each member voted – will be published on September 23rd.

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