MILLIONS of households will breathe a sigh of relief as the Bank of England left interest rates unchanged again today.Huge change to rules after THOUSANDS blocked from moving pensionsAnd the Bank has signalled at recent meetings that cuts are likely to come in future.It was increased to tackle soaring inflation.Since September, the bank rate has been held at 5.25% as inflation has slowed, easing the burden on those with mortgages.
This can directly affect the country's GDP and help steer the economy into growth and out of a recession. When the cost of borrowing rises - consumers and businesses have less money to spend, and in theory, as demand for goods and services falls, so should prices.
Source: Loan Digest (loandigest.net)
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