With the Bank of England (BoE) holding interest rates ahead of today’s General Election, James Burgess (pictured), head of commercial and insolvency expert at Atradius UK, comments:
“Despite inflation returning to target, the BoE has held fire on an interest rate cut until after the General Election.
"The Bank’s Monetary Policy Committee (MPC), which determines the level of interest rates, will not meet again until August, at which point rates will have been at 5.25 per cent for a year.
“Homeowners, still burdened by high mortgage rates, will likely need to wait until at least August before they see any significant reduction in their mortgage costs.
“Although the cost-of-living crisis has started to ease, many households continue to struggle with bills and everyday expenses.
