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With the inflation rate already meeting the BoE’s target, and the unemployment level fractionally above its previously set target, the question is: when will interest rates rise?
The committee has set out a second phase made up of 18 targets which the BoE would like to see achieved before change is implemented. Fundamentally it would like to see higher income, fuller employment and a more solid economy before looking to gradually increase the rate.
The outlook for UK home owners would suggest that they can look forward to these historically low levels of interest rate remaining for some considerable time to come.