A leading economist has suggested that mortgage rates will not come down in 2023 It comes as the International Monetary Fund announced that the UK has the worst growth prospects of any country this year 🏠 jessiehewitson reports
A leading economist has suggested that mortgage rates will not come down this year as the International Monetary Fund announced that the UK has the worst growth prospects of any country this year.about when the Bank of England’s base rate is likely to fall – which will trigger mortgage rates to go down – Paul Johnson, director of the Institute of Fiscal Studies said this was unlikely to happen this year.
“If the Bank becomes confident inflation will be under control we will probably get a reduction over the next couple of years… but that does depend on the Bank being confident that wages are fully under control, which it is clearly worried about” Washington-based IMF today announced its projection that the UK’s economy will shrink by 0.3 per cent this year, which, if correct, will make it the worst performing economy in the world – worse even than Russia’s, which rebounded slightly from last year.
Since December 2021 the Bank of England has raised rates from 0.1 per cent to 4.25 per cent in an aggressive attempt to dampen the worst inflationary pressures since the early 1980s.
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