The Bank of England is the central bank of the United Kingdom, established in 1694. It manages the country’s currency, money supply, and interest rates. It also oversees financial stability, issues banknotes, and acts as the government’s bank. Its primary goal is to maintain monetary and financial stability.
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The Bank of England (BoE) decided to maintain interest rates at 5.25%, which surprised absolutely no one. Like a well-worn playbook, the central bank has kept rates steady since August 2023.
Mortgage Rates Rising - So, here’s the scoop: Despite crossing our fingers for a drop in the Bank of England base rate, it seems like some mortgage providers missed the memo and decided to hike up their interest rates instead. Yep, not the news homeowners were hoping for when they were dreaming of smaller mortgage payments dancing in their heads.
