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Base rate stays at four per cent

The Monetary Policy Committee voted today to keep the base rate at four per cent for another month.

Charcol senior technical manager Ray Boulger says: “Whilst the housing market shows no sign of a downturn, the Bank of England is likely to have viewed February&#39s reported sharp rise in house prices as a one-off, hence no knee jerk reaction this time around. Inflation is still well below its two per cent target, so there was no real immediate pressure for the committee to quell.

“In short the MPC has decided to wait and see what the initial effect of last month&#39s rate rise will be on the economy before deciding on any further action.”

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