Bank Of England Interest Rate Decision
04.02.16Well then, Bank of England Governor Mark Carney’s prediction that rate rises will come into focus “at the turn of the year” was all well and good at the time, but he didn’t specify which year.
Now, it sure doesn’t look like it will be this one given the latest decision to hold rates at the record low of 0.5% again.
In fact, with inflation predicted to stay below 1% for the remainder of the year and GDP growth revised down for the next 3 years, even serial dissenter Ian McCafferty has pulled back giving the MPC a 9-0 result on no change.
With no sign of any wage inflation it looks like the status quo will be maintained for a while yet, but with the City now predicting a 1 in 4 chance the next move could be a cut, well, you never quite know!
Written by Andrew Montlake
Andrew Montlake, better known as Monty, began his journey with an Hons degree in Economics & Politics before starting in the mortgage industry in February 1994. As a main founder of Coreco in 2009, he successfully grew the brand, marketing, and communications, and was made MD in 2019 focussing on the overall vision, strategy, and culture of the company. As Coreco’s media spokesperson, Andrew can often be seen or heard on TV and radio as well as regularly commenting in the national, local, and trade press. He is the author of this acclaimed Mortgage Blog and is well-known for his social media, podcasts, and public speaking. Andrew is now proud to serve as Chairman of the Association of Mortgage Intermediaries, (AMI) as a cheerleader for the Mortgage Industry as a whole and continues to work at the coal face, writing mortgage business and advising clients.
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