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Bank votes to hold rate

Bank votes to hold rate

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The Bank of England's monetary policy committee (MPC) has voted to hold the base rate of interest at five per cent for the month of June.

Following the body's two-day meeting, the hold decision follows last month's move to keep the rate of interest at its current level - news that could affect the monthly mortgage repayment levels for some homeowners.

The outcome of the MPC's monthly meeting was predicted by an Adfero poll of eight economists and financial institutions last week.

Howard Archer of Global Insight explained that a hold was the most likely decision due to inflation pressures on the economy.

"With inflation likely to approach four per cent this summer … the Bank of England will tread extremely carefully on the interest rate path for the time being," he stated.

The minutes of the MPC's June meeting will be published on 18th of the month.

Your home may be repossessed if you do not keep up repayments on your mortgage.

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