Bank of England holds base interest rate
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The Bank of England announced today that interest rates will be held at 4.5 per cent.
The move comes as no real surprise to most analysts, who had been predicting that the base rate would be held following a quarter point cut in August.However uncertainty remains over the decision for next month, with a poll by Reuters showing that only 17 analysts believe the rate will be held again, compared with the 47 analysts who predicted today's hold.
Today's decision has been welcomed by finance providers.
Mehrdad Yousefi, head of intermediary mortgages at Alliance & Leicester, said that the decision came as "no surprise" and argued in favour of holding the current rate as it is, on the grounds it would encourage more activity in the market.
Meanwhile Duncan Pownall, mortgage development manager for Bradford & Bingley, seemed to be more supportive of another rate cut, referring to the "subdued high street" which another rate cut could revitalise.
However he added that the base rate was likely to remain on hold for the rest of the year, with pleas for a cut to "fall on deaf ears".
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