Bank of England votes to hold base rate

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Interest rates are to remain at 5.75 per cent for a fourth month, it has emerged.

The Bank of Englands monetary policy committee made the decision in its November meeting, which took place over the past two days.

During the discussions, the nine members of the committee take into account a number of economical factors before voting on the best rate of interest for the coming month.

The decision could prove influential in the mortgage market, according to one industry expert.

Andy Pratt, chief operating officer at independent mortgage adviser alexander hall, explains: "At the moment, products are changing quite a lot."

"I think a lot of people are waiting to see what happens with the monetary policy committee," he adds.

During the previous three meetings, the committee voted to maintain the base rate of interest at 5.75 per cent.

Only one member - David Blanchflower - voted to lower rates in the October meeting, but was overruled by the remaining eight members of the council.

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