The Bank of England’s Monetary Policy Committee has again voted to keep base rate at 0.5 per cent – the 71st consecutive month that the benchmark rate has remained unchanged.
Committee members also voted to keep the programme of quantitative easing at £375bn. The last time the programme was changed was in July 2012, when it was increased by £50bn.
L&G Mortgage Club director Jeremy Duncombe says: “Today’s decision to keep the base rate at 0.5 per cent marks nearly six years of record low interest rates.
“However, whilst the bank rate has not moved, the rates that lenders offer to borrowers on mortgages have, as banks will also look at wider economic conditions when deciding the rates they offer.”
The minutes for this month’s MPC meeting will be published on 18 February.