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Bank of England holds base rate at 5%

The Bank of England’s Monetary Policy Committee has decided to maintain rates at 5 per cent this month.

The Council of Mortgage Lenders director general Michael Coogan says: “We expected the MPC to hold rates today as it wrestles to control rising inflation in a weaker economic outlook.

“But clearly there are still affordability pressures on borrowers and a widespread funding shortage for lenders. We hope that as the effects of the Bank of England’s liquidity scheme feed through the financial system there will be some benefits for mortgage lenders, and in turn borrowers, later in the year.”

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