The Bank of England has opted to maintain its current interest rates at 5.25 percent, despite a decline in inflation. In February, inflation dipped to 3.4 percent from January's 4 percent, marking the lowest rate since September 2021 when it stood at 3.1 percent.
They anticipate inflation will return to its two percent target between by June this year, nearly 18 months earlier than previously projected.
Those in the property sector will particularly welcome the news as there have been fears of a market crash.
They anticipate inflation will return to its two percent target between by June this year, nearly 18 months earlier than previously projected.
Those in the property sector will particularly welcome the news as there have been fears of a market crash.
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NewsTranscript
00:00 The Bank of England has opted to maintain its current interest rates at 5.25%.
00:09 That's despite a decline in inflation.
00:11 The Bank of England anticipates inflation will return to its 2% target by June this
00:16 year.
00:17 That's nearly 18 months earlier than previously projected.
00:22 Those in the property sector will particularly welcome the news as there have been fears
00:26 of a market crash.
00:28 And indeed, the West Midlands has seen a significant decrease in house prices, dropping by 0.6%
00:35 this month, with a total annual drop also at 0.6% over the last year, meaning the average
00:42 property in this region is now worth £249,000.
00:48 While concerns regarding the housing market will likely be steadied by the news that Prime
00:53 Minister Rishi Sunak and Chancellor Jeremy Hunt say they are encouraged by the inflation
00:58 decrease, hinting at potential interest rate reductions to bolster the economic outlook