When the Bank of England met up last week to decide the after of the base interest rate and the UK economy as a whole, they left the rate unchanged at 5%.
Despite this, inflation has just rocketed up by half a percent to 3%.
The BoE aim to keep it stabilised at 2%, but with rising fuel and food costs in the current climate, it’s difficult to maintain stability. There may be truth in the predictions that at their next meeting they will drop the base rate to 4.75%.
Great for people with loans and mortgages if the banks and building societies decide to pass on any rate cuts.
Read more at The Guardian
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