The Bank of England has decided to maintain UK interest rates at 4.5% amid escalating economic and global trade uncertainties, influenced by US tariffs. Governor Andrew Bailey stated that while rates are currently steady, they are expected to follow a declining trend. Economists anticipate additional rate cuts by the year's end. Inflation remains above the target at 3%, prompting the Bank to closely scrutinize economic developments. The decision will not immediately affect borrowers with tracking mortgages, but fixed-rate borrowers may face higher costs as their terms expire.
The Bank of England has warned that economic and global trade uncertainty has intensified as it holds interest rates steady at 4.5%.
Governor Andrew Bailey expressed concerns over inflation remaining above the 2% target, currently at 3%, and emphasized the need for economic stability.
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