MPC leaves base rate unchanged

The Bank of England's monetary policy committee (MPC) has voted to hold the base rate at 5.25 per cent, it was announced at lunchtime today.

In a verdict widely predicted by analysts, it decided not to cut the rate again following last month's reduction from 5.5 per cent.

Last week all eight experts polled by Adfero forecast that there would be no change this month.

Those considering the self build option may consider that the alternative of waiting for mortgage interest rates to come down is a less promising prospect.
Earlier today Halifax forecast that there would be two more base rate cuts this year.

However, the Scotsman reported yesterday that the Royal Bank of Scotland only anticipates one such move before the end of 2008.

The minutes of the MPC meeting will be published on March 19th, revealing how each of the members of the committee voted on the issue.


© Adfero Ltd