The Bank of England’s Monetary Policy Committee (MPC) will confirm whether or not the base will be cut later today in a move which could determine the cost of borrowing for millions.
In recent years, the central bank’s policymakers have opted to raise interest rates in an effort to rein in inflation however the base rate has since fallen to four per cent from past historic highs.
Danni Hewson, the head of financial analysis at AJ Bell, noted that a hold is still more likely but “the market now gives a one in three chance to base rate being 3.75 per cent” leading up this afternoon’s announcement.
Should the Bank of England cut the base rate today?
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