The Bank of England's Monetary Policy Committee (MPC) voted 8-1 to keep interest rates held at 5%, according to minutes released today.
David Blanchflower was the only member of the committee who wanted a cut, voting for a reduction to 4.75%.
High inflation is a major influence on the MPC’s decisions and the recent spike in inflation, rising from 2.5% in March to 3% in April, means further rate cuts are likely to be held off.
The fact that so many MPC members supported keeping rates static means homeowners are unlikely to benefit from a rate cut for several months to come.
Earlier today, the Council of Mortgage Lenders predicted that rates would see a further 0.25% cut this year, but no more.
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