Cut in interest rate several months off - CML

The CML says given that the economic outlook for this year remains stable with growth averaging 2-2.5% and consumer price inflation close to 2%, interest rates are likely to remain unchanged for the next few months at least. The prediction comes after the Bank’s Monetary Policy Committee voted last week to hold the base rate at 4.5% for the sixth consecutive month. While mortgage approvals for house purchase continue to hold firm, the CML says it expects housing market activity to moderate a little later in the year as the prospect of significant interest rate cuts recedes and affordabil...