Moneyfacts.co.uk comments on the base rate reduction to 5.50%
Andrew Hagger of moneyfacts.co.uk comments:
"Whilst a base rate reduction in December last occurred some nine years ago, it will come as welcome relief to individuals and companies who have had to shoulder a steadily increasing interest burden since the first of five consecutive rate rises in August 2006.
"Although the housing market and those due to come off a fixed rate mortgage in the near future will welcome the first rate reduction since August 2005, there are still potential inflationary pressures from rising food and oil prices for the MPC to keep a close eye on."
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