The Bank of England has held steady on borrowing costs for the first time in nearly two years.
In a 5-4 decision, the BoE interest rate remains at 5.25%, marking a potential peak in the current cycle of rate hikes.
This comes as UK inflation dipped to 6.7%, down from 6.8%, although still above the 2% target. The MPC continues to monitor inflationary pressures and economic resilience.
Relief for variable rate and tracker mortgage holders, this decision eases the burden of rising home loan costs.
The dip in August's inflation and signs of the economy adjusting to higher rates influenced this 'dovish' move.
Stay tuned for the next BoE decision on 2 November 2023.
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