The UK Bank Rate has remained on hold at 0.5% following the latest announcement from the Bank of England Monetary Policy Committee (MPC) today.
At the same time, the MPC is keeping their asset purchase programme (QE) at £200bn.
This is the 21st month that rates have remained on hold at 0.5%.
Whilst price inflation remains above the government target, with CPI inflation at 3.2% for the year to October, we do not expect to see any interest rate rises until at least the middle of next year.
Savers will need to consider this latest announcement and the impact it continues to have on the interest they receive on their cash savings. It is good news for those with mortgages that are linked to the Bank Rate.
