Bank of England

Nearly a fortnight after the Bank of England's monetary policy committee (MPC) lowered interest rates by a quarter point, less than half of UK mortgage lenders have passed on rate cuts to their customers, says Moneyfacts.

Annual inflation rose to 2.3% in July, the highest rate since the Office of National Statistics (ONS) started tracking it in 1997, it was revealed today.

Interest rates will fall twice before the end of the year, according to a prediction by BDO Hoy Stayward.

The increase in total lending to individuals in June, at £8.8m, was less than May and weaker that the previous six month average the latest figures from the Bank of England reveal.

House price inflation has slowed to its lowest rate since 1996 according to the latest figures from Nationwide.

Interest rates will fall to 4.25% before the end of the year according to Halifax.

Members of the Monetary Policy Committee almost voted for an interest rate cut earlier this month, minutes of the meeting show.

The Bank of England's Monetary Policy Committee (MPC) has voted to maintain interest rates at their current level of 4.75% for the 11th consecutive month.

The increase in net lending to individuals in May was stronger at £9.8bn than in April and the previous six months average, according to the latest figures from the Bank of England.

Two of the nine members of the Bank of England's Monetary Policy Committee voted for a 25 basis points rate cut at the latest meeting on 8 and 9 June, minutes published show.