This move followed encouraging inflation figures released by the Office for National Statistics (ONS) yesterday with saw inflation fall by 0.1% to 6.7%.

Despite fears of an incoming recession, the decision by the MPC points to a slow economic recovery following months of turmoil, which saw inflation peak at a 40-year high of 11.1% in October 2022 and the ongoing cost-of-living crisis put increasing financial pressures on families across the UK.

For homeowners and mortgage brokers, the decision comes as a sigh of relief following months of soaring mortgage rates and affordability concerns.

Source - The Intermediary

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