11 Jun

MPC to announce latest base rate decision

MPC to announce latest base rate decision

The Bank of England's monetary policy committee (MPC) will meet today before announcing June's interest rate.

Decisions on the cost of borrowing often have an effect on home-buying, but many economists have predicted that the base rate will remain at 0.5 per cent this month and for the foreseeable future.

Centre for Economic and Business Research (CEBR) economist Arek Ohanissian said this week that the CEBR thinks interest rates will be "on hold for quite a while".

"At this point we are estimating that they won't start pushing it up until the first or second quarter of 2010," he explained.

Nearly two years ago the rate of interest was 5.75 per cent, but the MPC has gradually brought the cost of borrowing down to its current level over the last 18 months.

It announced the record low level of 0.5 per cent in March this year.

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