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Base Rate Set to Remain Low |
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Written by Matt Brogan
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Wednesday, 12 May 2010 00:00 |
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The Bank of England Base Rate looks set to remain low for the foreseeable future.
Mervyn King, the Governor of the Bank of England, said today that while inflation currently remains over its target rate of 3%, that figure is likely to fall back to below 2% in 2011 and remain there for a number of years, removing any incentive the Bank might have for hiking the Base Rate.
Bank Base Rate has now stood at 0.5% for 14 months.
Today's quarterly inflation report reveals that inflation in April stood at 3.4%, a slight increase on the figure of 3.2% recorded in March. Rising inflation was attributed to the return of VAT to 17.5%, the increase in energy prices and the depreciation in Sterling.
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