Changes to the base rate will have a direct effect on many Brits' personal finances
The Monetary Policy Committee will meet on Thursday, March 21 to decide on whether the base rate will be increased or decreased. This rate is used by banks in order to decide mortgage rates alongside other payback rates on loans.
Robert Wood, chief UK economist at Pantheon Macroeconomics said: "The MPC focuses on the ‘tightness of labour market conditions, wage growth and services price inflation’ to judge ‘how long Bank Rate should be maintained at its current level’." Mr Wood added: "Overall, the data since the MPC’s last meeting confirm – rather than challenge – its forecasts.
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