The Bank of England announced yesterday (Thursday 7th July), that the base rate of interest for loans and savings would remain on hold for yet another month. The news came following the regular monthly meeting of the Bank’s Monetary Policy Committee (MPC) and means that the base rate has now remained at its historically low level of just 0.5 per cent for a total of 28 consecutive months. Economists and loan industry experts were widely expecting interest rates to remain unchanged, as there has been little change in the UK economy to justify any rate rise at all, despite the fact that inflation is still currently running at 4.5 per cent and could possible go even higher over the course of the next few months
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Bank Keeps Low Loan Rates
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