base rate on holdThere will be no change in the base rate of interest, at least until next month, after the Bank of England's monetary policy committee (MPC) voted for a hold today.

In what was likely to have been a close vote, it would appear that members of the committee continue to hold concerns about inflation.

Ahead of the decision, most economists said they expected the base rate to remain on hold this month, but that a cut was likely in February.

Next month will see the bank's quarterly inflation report, which has previously prompted interest rate movements.

Any further reductions, following the quarter point cut last month, would be welcomed by homeowners.

The liquidity crisis and the wider slowdown in the economy is making credit harder to obtain, which is bad news for anyone with a mortgage to pay.

While interest rate cuts should follow in the coming months, many Britons are likely to face a tough 2008.


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