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Base rate held at 4.75 per cent

The Bank of England has held the base rate at 4.75 per cent, following last month’s 0.25 per cent increase.

Alliance & Leicester head of intermediary mortgages Mehrdad Yousefi says: “Following last month’s rise in the – which took some commentators by surprise – a further rise in September was not anticipated.

“The decision to maintain rates this month comes against a backdrop of a generally healthy economy, with stronger than expected retail sales data and consistently robust mortgage lending figures with the Bank of England forecasting economic growth above trend.”

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