Interest Rates held for 7th month

The Bank of England has decided for the seventh consecutive month, to keep interest rates on hold. The Monetary Policy Committee also announced no change to their quantitative easing program, following the £50 billion increase in August. The program remains under review, and is expected to be completed next month. These two key decisions came as no real surprise, but city experts point to next months’ announcement for possible change. By then, the bank would have the latest inflation report and the current quantitative easing program is due to be completed. Any change is likely to come in the form an increase in quantitative easing, rather than a change in interest rates, which most expect to remain low for some time. This has led to a shift in mortgage choice, and a higher take up of variable mortgages, despite some lenders cutting their fixed rates recently. Best buys.

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