Credit Card And Finance News

The Bank of England kept the base rate at its current level of 5.25 per cent today in its monetary policy committee's monthly meeting.

Economists had been predicting a close call, with arguments hedged for either way due to increased inflation in recent months.

A shock rise in January was followed by a dip in the inflation rate, but this increased again in February and remains 0.8 per cent above the current government target.

Stephen Leonard, director of mortgages at Alliance and Leicester, said: "General consensus within the industry pointed to the base rate staying the same this month but many now expect a hike in May.

"The money markets have been pricing in at least one rise in the base rate this quarter, with rates potentially being cut later in 2007, or in 2008, as inflation drops back towards the MPC target of two per cent."

No change means another month with stable mortgage repayments for homeowners and buy-to-let landlords.

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