Bank of England to make interest rate announcement next week as cuts 'somewhat closer'
manchestereveningnews.co.ukThe Bank of England (BoE) will announce its latest review of the interest rate next week. The Bank's Monetary Policy Committee (MPC) will meet on Thursday, May 9, to decide whether they will increase interest rates, decrease them, or keep them the same.
Currently, interest rates have been frozen at 5.25 per cent and have remained at that level for the past few months. The interest rate, often referred to as the base rate, is used by banks to help determine their mortgage rates for customers alongside other payback loans.
This means any changes to the base rate could have a direct effect on your personal finances. Read more: Interest rate cuts 'somewhat closer' than last month ahead of Bank of England announcement Consumer Price Index inflation dipper to 3.2 per cent in March and is expected to move closer to the Bank's 2 per cent target rate in April, following another drop in energy prices.
Meanwhile, according to the British Retail Consortium, the latest annual shop price inflation slowed to 0.8 per cent in April, compared to 1.3 per cent in March.
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