CML response to decision to hold rates at 5 per cent
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Thursday, 07, Aug 2008 12:00
The CML was unsurprised by today’s MPC decision to hold Bank rates at 5%.
CML director general, Michael Coogan said:
“The MPC faced a difficult decision today in the face of rising inflationary pressures and a slowing economic outlook.
“Holding the Bank rate is better than raising rates, as one MPC member suggested last month, but a reduction would have been a welcome recognition of the current financial strains on households already struggling with hikes in other living costs.
“As a result of recent Bank rate reductions, mortgage rates are below their peak at the end of 2007 but many consumers will be looking to the MPC to respond soon to the slowing economy and reducing inflationary pressures.”
NOTES TO EDITORS
1. The Council of Mortgage Lenders' members are banks, building societies and other lenders who together undertake around 98% of all residential mortgage lending in the UK. There are 11.8 million mortgages in the UK, with loans worth over £1.2 trillion.
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