The Bank of England’s Monetary Policy Committee, which sets the level of UK interest rates, will announce its latest decision on Thursday.
UK borrowers may have to wait longer to see interest rates come down, as policy-makers look set to hold out for stronger signs that the cost-of-living crisis has abated.
It means that borrowers holding out for costs to come down could have to wait longer before pressure starts to ease. Philip Shaw, chief economist at Investec, said: “This broad direction illustrates that collectively the committee is moving gradually towards a rate cut. Interest rates are used as a tool to help bring down UK inflation, which has fallen sharply from the highs hit in 2022 when energy costs spiked and the cost-of-living crisis was at its peak.
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