Interest rates held again in October
The Bank of England has kept rates on hold at 0.5% again this month.
The Bank of England has kept interest rates on hold at their record low of 0.5% again this month.
The October meeting of the Monetary Policy Committee voted to hold rates and also keep the size of the asset-buying quantitative easing (QE) scheme at £375 billion.
A low annual inflation rate of 1.5% has eased the pressure on the MPC to raise rates. There are also signs both the economy and house prices are slowing.
Most experts are still pencilling in the first rate rise for the first quarter of next year, although a few expect it to come in November to coincide with the latest quarterly Inflation Report.
Two members of the MPC voted for a 0.25% increase at both August’s and September’s meetings.
And Bank of England Governor Mark Carney has said the time for a rate rise is getting closer, although he wouldn’t be drawn on when that might be.
As ever, the minutes of the October meeting will be scrutinised for signs of possible rate movement.
Meanwhile, mortgage rates continue to fall as lenders compete to attract people looking for a fixed rate before interest rates rise.
Compare the latest mortgage rates
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