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18 Sep 2020

Bank of England interest rate update

It comes as no surprise the Monetary Policy Committee (MPC) of the Bank of England held UK interest rates at 0.10% this week, with a unanimous vote.

Any change in base rate being predicted has only been a move to negative interest rates as opposed to an increase. It is thought the MPC are hesitant for this to happen, at least until 2021, due to the uncertain impact this will have on UK banks and mortgage lending.

We are by no way economists and do not purport to be, but it pays for us to keep regularly informed about what
economists are predicting will happen to UK rates.

It is largely expected that interest rates will remain at 0.10% for the foreseeable future.

The reluctance to move to negative interest rates could in some way be cushioned by the acceptance of further quantitative easing reportedly to the sum of between £50bn to £100bn, give or take.

Bank of England interest rate update

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