The Bank of England has kept interest rates at 5.25%, this comes on the back of fourteen consecutive interest rate rises.
The Bank of England’s Monetary Policy Committee (MPC), who set interest rates voted as follows:
- 5 members voted to keep interest rates at 5.25%.
- 4 members voted to increase interest rates to 5.5%.
The MPC also voted unanimously to reduce the stock of UK government bond purchases held for monetary policy purposes, and financed by the issuance of central bank reserves, by £100 billion over the next twelve months.
Farrell Financial Planning are independent financial advisers based in Glasgow. Farrell Financial Planning do not give advice on inflation or future interest rate movements. However, we do offer independent advice on investments, pensions, mortgages and much more.
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All information is correct as at 21/09/23.