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The Bank of England Monetary Committee voted on 6 March to keep interest rates at 5.25%.  This decision did not come as any real surprise - it was widely expected base rate would stay the same.

The previous change was a reduction of 0.25% to 5.25% on 7 February 2008.

The Bank of England base rate has been reduced by 0.25% today and is now 5.5%.

Following today’s announcement, The Nationwide, Woolwich, Halifax and C&G all said they would reduce their standard variable rates (SVR) by 0.25%. It is unusual for lenders to make announcements so quickly.

Today’s decision is very welcome, but many feel more reductions will be needed in the coming months.

The Monetary Policy Committee has voted to freeze the Bank of England base rate at 5.5%.
January’s decision comes after MPC members voted unanimously for a base rate cut last month, bringing interest rates down by 0.25% in December.

The Bank of England Monetary Committee today voted to reduce UK interest rates from 5.75% to 5.5%; the last change was an increase of 0.25% on the 5 July 2007.

Today’s reduction did not come as any real surprise, but it is very welcome – over the last few weeks pressure has been building on the Bank from the fall out from the Northern Rock situation and the recent press alarm over house prices falling.