Press Releases

Base rate held at 0.5 per cent

05/08/2010

The base rate remains at its historical low of 0.5% yesterday morning’s meeting of the Bank of England’s Monetary Policy Committee (MPC).
The MPC first dropped the rate to 0.5% in March 2009, where it has remained since.
MPC member Andrew Sentance has voted for a rate rise for the past two months and is likely to have maintained that view this month.
Most in the mortgage industry are relieved to see the base rate held this month, as weak lending volumes, shaky house prices and the impending public sector cuts continue to put pressure on economic recovery.

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