Interest rates held again
News Category: Industry News
Published: 07-May-2009
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The UK base rate has been held at 0.5 per cent again - the second month in a row that the Bank of England's monetary policy committee (MPC) opted not to change the cost of borrowing.
Letting agents and landlords, as well as all others involved in property, are interested in the monthly interest rate decision because it has such a bearing on the industry.
Interest rates were first moved down to 0.5 per cent in March and have remained at this historically low level ever since.
Experts have predicted that it is unlikely the MPC will raise the rate again before the end of 2009.
In a statement today, the body said that the global banking and financial system remains in a "fragile" state.
"In the United Kingdom, GDP fell sharply in the first quarter of 2009. But surveys at home and abroad show promising signs that the pace of decline has begun to moderate," it added.
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