The Bank of England has kept the base interest rate at 5.25%, marking the third month in a row without change.
This move was largely expected, and echoes governor Andrew Bailey’s recent cautious stance. And in the minutes from the Bank’s rate-setting committee meeting, it said interest rates would need to remain higher “for sufficiently long” to return inflation to 2%.
The Guardian has reported that money markets have moved to price-in four quarter-point cuts to interest rates, starting from the summer, anticipating the base rate would be slashed from 5.25% to as low as 4.25% by the end of 2024.
About The Author: Sunny Budhdeo
With a career that spans over 20 years, Sunny initiated his journey in the mortgage industry as an adviser at the prestigious estate agency Barnard Marcus. He quickly gained recognition for his expertise, particularly in specialist finance, focusing on complex buy-to-let loans and bridging finance. As the Co-Founder of Unique Property Finance, Sunny has become a linchpin in the industry, adept at solving intricate property finance issues and fostering strong relationships with lenders.
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