Bank voted 8-1 to hold interest rates

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. If you would like to co...