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Base rate to stay at 5.75 per cent this month

The Bank of England has kept base rate at 5.75 per cent for September as widely expected.

The BoE’s decision was widely expected after inflation fell in July to 1.9 per cent from 2.4 per cent in June, below the government’s target rate of 2.0 per cent.

John Charcol senior technical manager Ray Boulger says: “Today’s decision by the MPC to leave Bank Rate unchanged at 5.75 per cent was regarded as a foregone conclusion by the market.”

“However, the minutes of the meeting, due out on 18th October, will be awaited with far more than the usual interest in the hope of getting a better insight into the Bank’s latest thinking on the credit crunch. I expect the MPC will have discussed the possible need to cut Bank Rate sooner than previously expected as a policy response to the credit crunch and their thoughts on this will be particularly interesting”, adds Boulger.

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