Unsurprisingly, interest rates have been held at 4.75% for the 10th month in a row. The decision by the Bank of England’s Monetary Policy Committee to keep them the same was made due to a slow down in consumer spending and a fall in house prices compared to April.
Commentators are speculating that if the current trends continue, we shall see interest rate cuts in the coming months.
Further in-depth coverage:
- The Guardian: Bank keeps interest rate unchanged
- BBC: Bank maintains UK rates at 4.75%
- FT.com: Bank of England leaves interest rates unchanged