Please Note: This Article is 11 years old. This increases the likelihood that some or all of it's content is now outdated.

The CML was unsurprised by today’s MPC decision to hold Bank rates at 5%.

Press Release – Council of Mortgage Lenders – 7 July 2008

CML director general, Michael Coogan said:

“The MPC faced a difficult decision today in the face of rising inflationary pressures and a slowing economic outlook.

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“Holding the Bank rate is better than raising rates, as one MPC member suggested last month, but a reduction would have been a welcome recognition of the current financial strains on households already struggling with hikes in other living costs.

“As a result of recent Bank rate reductions, mortgage rates are below their peak at the end of 2007 but many consumers will be looking to the MPC to respond soon to the slowing economy and reducing inflationary pressures.”

Please Note: This Article is 11 years old. This increases the likelihood that some or all of it's content is now outdated.

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