DEMO: Bank of England rate decision live coverage
Live updates and reaction as the Bank of England Monetary Policy Committee announces its rate decision.
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Ryan Fowler
Halifax, Nationwide and Santander all confirm no immediate change to their fixed-rate ranges following the announcement.
Ryan Fowler
Industry reaction: "No surprises"
Sarah Coles, head of personal finance at Hargreaves Lansdown: “There were no fireworks today, but the doves on the committee are getting noisier. Borrowers waiting for relief should look to the autumn.”
Ryan Fowler
Bailey: “We need to be confident inflation will return sustainably to the 2% target before considering rate cuts.”
Ryan Fowler
BoE holds rates at 4.25%
The Bank of England has voted 7-2 to hold the bank rate at 4.25%. Two members voted for a 25bp cut, one more than the previous meeting.
Ryan Fowler
Lenders brief brokers ahead of decision
Three of the top six lenders have circulated holding statements pledging to maintain product withdrawal notice periods regardless of the outcome.
Ryan Fowler
Markets steady ahead of midday rate decision. Two-year swap rates trading in a tight range overnight.