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Interest rate decision was not unanimous

Interest rate decision was not unanimous

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This month's interest rate decision by the Bank of England was not unanimous, it has been revealed.

Publication of the minutes of the Bank's monetary policy committee (MPC) has shown that only seven members voted for a hold.

Two MPC members preferred a further reduction of the base rate by 0.25 per cent this month, which could indicate that a further cut is more likely in the coming months.

A trimming of the vase rate could mean some mortgage repayments become cheaper.

It is very rare for the MPC to change the base rate during two consecutive months, with the recent trend of cuts exemplifying this.

A reduction of 0.25 per cent was made in December and in February, while the January and March both saw holds.

Over in the US, the Federal Reserve has taken more drastic action to boost the economy, with the latest trimming of 0.75 per cent taking interest rates there to 2.25 per cent.

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

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