Bank of England votes to put rates on hold

Switch for the chance to WIN an amazing Amazon Echo Dot

Three of Amazon's most popular personal assistants to be won! (T&Cs apply)

in partnership with Banner uswitch

Looking to switch your business energy supplier? Click here

* Between 1 Jan 2018 and 30 Jun 2018, at least 10% of people who switched energy supplier for both gas & electricity with uSwitch saved £482 or more.

The Bank of England's monetary policy committee (MPC) has announced that it has voted to keep interest rates on hold at 5.75 per cent.

It said that it had come to its decision after its August inflation report predicted that inflation would remain close to the two per cent target and that output growth would ease. It said that there are "tentative signs" of a slowdown in consumer spending.

"It is too soon to tell how far the disruption in financial markets will impair the availability of credit to companies and households," the Bank of England added in a statement.

"As stated in its August Report, the MPC is monitoring closely the evolution of both credit spreads and the quantities of credit extended, alongside all other data relevant to the outlook for inflation.

"Against that background, the committee judged that no change in Bank Rate was necessary at this meeting to keep inflation on track to meet the target in the medium term."

Analysts had expected the MPC to keep rates on hold this month - as a result of the recent turmoil in the financial markets, which has made banks much more wary of lending to each other.

Click here to run an energy price comparison, and see if you could be paying less for your gas and electricity.

Found this page interesting?

Help spread the word and share this page with your friends and family on your social networks.

Cookies help us deliver our services. By using our services, you agree to our use of cookies. Learn more