Bank of England keeps 0.5 per cent rate
Homeowners considering taking out finance in order to fund a bespoke conservatory, pool house or garden studio may be pleased by today's announcement from the Bank of England.
Its Monetary Policy Committee (MPC) voted to keep the base rate of interest on hold at just 0.5 per cent.
The decision could encourage lenders to keep their rates down for another month, although Santander chief economist Barry Naisbitt believes a change could soon be forthcoming.
He noted how previous minutes of the MPC meetings have shown that not all members are in favour of holding the rate.
"We'll find out more about these views to see how the debate is going when the Bank of England publishes its Inflation Report and the MPC minutes later this month," Mr Naisbitt said.
He added that inflation was still 1.2 per cent above the Bank's target of two per cent in June and suggested that the MPC might be tempted to increase the base rate soon to help push inflation down.
In other news, Halifax data shows that there was a 118 per cent rise in the value of housing in the UK between 1999 and 2009.
Posted by Paul Steel
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