When is Bank of England's next interest rates announcement and what to expect as inflation falls
Interest rates are currently at their highest level since 2008 after the Bank of England hiked the base rate up to 5 percent in June. The huge 0.5 percent increase was made in a bid to bring inflation down towards the 2 percent target set by the Government.
Ahead of the Bank of England's next Monetary Policy Committee meeting, homeowners are now being offered hope that interest rates may not need to rise as high as initially feared. This gives a glimmer of hope for under-pressure mortgage borrowers, who have seen rates on fixed deals soar to 15-year highs in recent months.
Chancellor Jeremy Hunt said: “We aren’t complacent and know that high prices are still a huge worry for families and businesses. “We are seeing the first fruits of that but there’s a long way to go and we need to remember that families are still feeling a lot of pressure.”Jake Finney, an economist at PwC, said falling energy prices and food inflation finally turning the corner “should see inflation get closer to 5% by the end of this year”.
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