The Bank of England has opted once again to hold the base rate at 5.25 per cent, Azernews reports, citing a foreign media outlet. The decision marks its fifth pause in a row, after the Monetary Policy Committee voted to hold the base rate first in September, then in November, December and February.
Prior to that, there had been 14 consecutive base rate hikes since December 2021. We explain why the Bank of England has paused interest rate rises and what it means for your mortgage, savings and the wider economy.
The aim of increasing the base rate in the first place was to reduce the rate of inflation, which has led to higher costs in many areas of household spending including energy bills and food shopping.—Azer News
