Base Interest rates cut

‘The Bank of England has just announced that it has cut the UK’s base interest rate by 0.25%.’

The interest rate now stands at 5.25%. A big sigh of relief from homeowners all over the UK can be heard in unison.

In an attempt to stimulate growth and at the same time keep the rate of inflation as close to 2% as possible, the Bank of England felt the rate cut was needed.

There is worry in the future of an inflation increase as the costs of providing energy and food look to be increasing over the coming months.

The next meeting to decide on the base interest rate will be in one month, the 6th March.

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