On 10th May 2024 the Bank of England held the interest rates at 5.25%. That is the sixth time in a row!
The rates are at their highest level for 16 years.
There has been some positive news that inflation sat now at 3.2% but the Bank of England needs to see if inflation will stay low before they cut the interest rate.
If inflation does remain low then there has been hints that their will be cuts to the intent rate in the summer 😁 This could affect your mortgage and savings rates.
7 members voted for the rate to remain and 2 wanted to cut it to 5%.
Inflation is predicted to fall below the 2% target by the end of June.
See the article on the BBC below, where it states the
‘Bank (of England) is optimistic things are moving the right direction.'
