The Monetary Policy Committee last met on August 4 when it voted to raise the base rate from 1.25 to 1.75 per cent – the sixth consecutive rise in a row as the Bank grappled to curb the rising inflation rate.
The rate is at its highest level since December 2008 after the biggest single rise since 1995.
The next meeting of the Bank of England’s monetary policy committee has been delayed by a week from 15th September, due to the passing of Queen Elizabeth II. It is now going to be 22nd September.
A tweet from the BoE on Friday made the announcement, saying: “In light of the period of national mourning now being observed in the United Kingdom, the September 2022 meeting of the Monetary Policy Committee has been postponed for a period of one week. The Committee’s decision will be announced at 12 noon on 22 September.”
Many market watchers are expecting a further rise to 2.25 per cent when the committee eventually next meets.
Whilst interest rate rises are necessary to deal with inflation and the cost-of-living crisis, increasing rates will of course have an immediate knock-on effect to landlords and investors. As margins are squeezed, we are starting to see evidence of investors taking the opportunity to sell now.
