Long-suffering borrowers are going to have to wait longer for some relief as the Bank makes clear it is still not in a position to implement interest rate cuts.
The Bank of England has held the interest rates at 5.25% for a fifth consecutive time, but says the prospects for a cut are 'moving in the right direction'. The nine-member rate-setting committee continued to collectively judge it was too early to contemplate a downwards move, despite further progress in taming inflation revealed earlier this week. However, two members who had previously voted for a rate hike dropped that view.
While inflation is expected to fall below the target rate in April, mostly due to plunging energy bills but also the latest fuel duty freeze, Bank forecasts have suggested the figure will creep up again. It wants more vision on the picture ahead as global oil costs rise. Other concerns include price increases linked to disruption to shipping through the vital Suez Canal transit. Financial markets currently expect a Bank of England rate cut in June.
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