Bank of England Base Rate held in April
The Bank of England has elected to freeze Bank Base Rate at 0.5% again.
The Bank of England's Monetary Policy Committee has held Bank Base Rate at 0.5% in April.
Base Rate has now sat at its record low for more than six years, with little sign of that changing in the foreseeable future. Inflation has plummeted in recent months, reaching 0% in February. Mark Carney, the Governor of the Bank of England, has warned there is a decent chance that inflation may turn negative this Spring, offering little incentive for a Base Rate rise.
Indeed, markets are now pricing the next Base Rate rise as likely to happen in the latter part of 2016.
What it means for your money
With Base Rate seemingly anchored at 0.5% for the foreseeable future, it's still a great time to be a borrower. Mortgage rates continue to sit at historically low levels. For the latest market-leading mortgages, check out The best fixed rate mortgages and The best tracker mortgages.
It's not such good news for savers though, who continue to find it difficult to find a decent return on their money. Be sure to read Where to earn most interest on your cash.
Get a better return by investing your ISA
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