You are here: Home -

Interest rates on hold for March

Written by:
The Base Rate, which affects mortgage and savings rates, was left unchanged this month
Interest rates on hold for March

The Bank of England announced today that its Base Rate will be held at 0.25% during March.

The Bank’s Monetary Policy Committee (MPC) voted by eight members to one to maintain rates at its current level.

The Bank noted that ‘there are risks in both directions’ for the economy but said that, ‘monetary policy can respond, in either direction, to changes to the economic outlook as they unfold to ensure a sustainable return of inflation to the 2% target’.

Ian Kernohan, economist at Royal London Asset Management, added: “As expected, the Bank of England have left policy unchanged. GDP growth in the first quarter looks to have been close to their forecast, with some signs of a slowdown in household spending.

“A reduction in the equilibrium unemployment rate, supported by a softening in wage pressures in the latest Labour Market Report, suggests interest rates will remain on hold for now.”

The last time Base Rate was changed was in August 2007, when it was cut from 0.5% to 0.25% – an all-time low.

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Speak to an adviser

Could you benefit from impartial, free advice?

Your Mortgage Guides

Guide to Offset Mortgages

Download our handy guide to offset mortgages, brought to you in partnership with Scottish Widows Bank

Read More >

Is your mortgage fully protected with critical illness?

For a free quote or to speak with an insurance expert call 0800 1218744
Read previous post:
interest rate fear
Majority of self-employed struggle to get on ladder

It's not easy for any first-time buyer to get a foothold on the property ladder, but that first step can...