Property industry reacts to Bank of England’s interest rate decision

Thu 19 Dec 2024

The Bank of England has held interest rates steady at 4.75% after it was revealed that inflation in November rose to 2.6%, above the central bank’s target.

In its final meeting of the year, the Bank’s rate-setting committee decided against further cuts following recent data showing an increase in both inflation and wage growth.

The Office for National Statistics revealed yesterday that inflation had risen to 2.6% from 2.3%, pushed higher by pricier petrol and clothing.

Bank governor Andrew Bailey has previously indicated that while rates will fall further – after two cuts this year – the decline would be gradual.

The Bank will next meet in early February when it will also give an update of its forecasts for the British economy.