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Bank of England maintains rates at 3.75 per cent

Amanda Jarvis

March 6, 2003

The minutes of the meeting will be published at 9.30am on Wednesday 19 March.

The most recent change in interest rates was a reduction of 0.25 per cent to 3.75 per cent on 6 February 2003.

Simon Holdsworth Towry Law Mortgage Services commented: “Today's decision by the MPC to keep interest rates unchanged is not altogether unexpected. The MPC are playing a waiting game to see what happens to the UK economy – last month's decision, based on factors such as the state of UK manufacturing, tumbling share prices and the imminent threat of war, needs time to play out before another change becomes necessary.

“However, we believe that homeowners may have more good news to look forward to this year, with the Bank of England likely to make another cut before the summer, with the base rate then remaining stable to the end of this year.

“In summary, despite rates remaining unchanged it's good news for all prospective and existing homeowners. Whether people are looking to purchase property or remortgage their existing properties, whilst rates remain low all borrowers would be prudent to investigate the deals the mortgage market has to offer.”

The Bank of England's Monetary Policy Committee today voted to maintain the Bank's repo rate at 3.75 per cent .

The minutes of the meeting will be published at 9.30am on Wednesday 19 March.

The most recent change in interest rates was a reduction of 0.25 per cent to 3.75 per cent on 6 February 2003.

Simon Holdsworth Towry Law Mortgage Services commented: “Today's decision by the MPC to keep interest rates unchanged is not altogether unexpected. The MPC are playing a waiting game to see what happens to the UK economy – last month's decision, based on factors such as the state of UK manufacturing, tumbling share prices and the imminent threat of war, needs time to play out before another change becomes necessary.

“However, we believe that homeowners may have more good news to look forward to this year, with the Bank of England likely to make another cut before the summer, with the base rate then remaining stable to the end of this year.

“In summary, despite rates remaining unchanged it's good news for all prospective and existing homeowners. Whether people are looking to purchase property or remortgage their existing properties, whilst rates remain low all borrowers would be prudent to investigate the deals the mortgage market has to offer.”


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