In what should be good news for credit card holders, but not so good for savers, the Bank of England’s kept the base rate at 0.5 percent.
It’s been held at this record low for ten months now, since March 2009.
The Monetary Policy Committee isn’t expected to change interest rates for at least another month, with economists predicting they’ll stay below 1 percent for the next five years.
It’s as some analysts say the UK could have finally come out of recession at the end of last year, with growth of around 0.4 percent.
However, the low base rate is not necessarily always passed onto the consumer, so it’s worth looking around for the best credit card deal for you.
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