Bank of England PAUSES interest rate hikes: mortgage relief and what it means for your money

MILLIONS of households can breathe a sigh of relief as interest rate hikes have been paused. The Bank of England’s Monetary Policy Committee (MPC) has opted to hold the current base rate at %. The BoE base rate is often used by high street banks to set the rates they offer to customers on things like loans, savings and mortgages. In August, it lifted the base rate by percentage points from 5% to %. But today marks the first time since December 2021 that the central bank has voted not to raise rates. The decision to pause rates comes after a close decision, with five members opting to keep them the same and four choosing to raise them. The four who voted to hike rates reasoned it was due to household incomes rising in real terms. Following today’s announcement, Steve Seal, chief executive officer at Bluestone Mortgages, said consumers and borrowers would be letting out a “sigh of relief“. Continue reading: The Sun newspaper brings you the latest breaking news videos and explainers from the UK and around the world Become a Sun Subscriber and hit the bell to be the first to know Read The Sun: Like The Sun on Facebook: Follow The Sun on Twitter: Subscribe to The Sun on Snapchat: #bankofengland #finance #news