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Base rate to stay at 5.5 per cent this month

The Bank of England has decided to hold the base rate at 5.50 per cent this month, it has been announced.

Hamptons technical director Jonathan Cornell says: “The MPC’s decision to hold the base rate at 5.5 per cent this month is unsurprising given last months decision to raise it by a quarter point.”

Cornell adds: “Reports this month highlight a decline in inflation from the record reaching heights of April and the early signs of a cooling housing market. It, therefore, seems like the sensible decision to offer borrowers some breathing space before the further inevitable increases predicted by many analysts. However, regardless of the amount of breathing space the MPC decides to offer, borrowers will still be left with an impending sense of insecurity as ‘good’ fixed rate deals become few and far between and variable rates remain surrounded by a certain sense of the unknown.”

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