Bank of England expected to hold interest rates at 5%

Published On Sep 18, 2024, 7:01 PM

The Bank of England is expected to maintain its interest rate at 5% following a recent report showing that inflation remains higher than the bank's target at 2.2%. There is cautious sentiment among economists, with the general expectation that the bank may consider rate cuts in November rather than taking immediate action. The decision to hold rates is influenced by the need to keep inflation in check without harming the economy too severely. While interest rate cuts could alleviate borrowing costs, many homeowners are still facing high repayments on fixed-rate mortgages that are set to expire in the coming years.