MPC member hints at rate cut
People looking to remortgage their mortgages for professionals got good news yesterday.
Speaking at a London conference, deputy governor of the Bank of England Sir John Gieve dropped a hint that the bank rate would soon be cut.
This is because he predicts that inflation - which is currently the biggest block to rate reductions being imposed - was set to ease off over months to come.
Cutting the bank rate is likely to result in many mortgages for professionals repayments also coming down.
As well as being the Bank's deputy governor, Sir John sits on its nine-member rate setting Monetary Policy Committee (MPC).
He said: "While we must remain vigilant for any signs of inflation expectations drifting upwards, the news on that front is encouraging."
Inflation currently stands at 4.7 per cent, the highest rate since 1992.
Earlier this month, the MPC held the bank rate at five per cent.
Speaking at a London conference, deputy governor of the Bank of England Sir John Gieve dropped a hint that the bank rate would soon be cut.
This is because he predicts that inflation - which is currently the biggest block to rate reductions being imposed - was set to ease off over months to come.
Cutting the bank rate is likely to result in many mortgages for professionals repayments also coming down.
As well as being the Bank's deputy governor, Sir John sits on its nine-member rate setting Monetary Policy Committee (MPC).
He said: "While we must remain vigilant for any signs of inflation expectations drifting upwards, the news on that front is encouraging."
Inflation currently stands at 4.7 per cent, the highest rate since 1992.
Earlier this month, the MPC held the bank rate at five per cent.
