Movera’s comment on BoE’s base rate decision to hold

20 June 2024

Please find below, a comment on the BoE’s base rate decision from Nick Hale, Chief Executive Officer at Movera, a group of home moving businesses including ONP Solicitors:

“Despite yesterday’s announcement that inflation had finally fallen to the 2% target the Bank of England’s decision to hold the base rate at 5.25% for the tenth month in a row is disappointing but not surprising. The decision goes against its strategy for monetary policy to be restrictive until inflation is returned to its target. So the question is why has the rate been held?

“Regardless of the reason, it’s a turbulent time for the home-moving market. Last week, The Conservatives pledged to increase the Stamp Duty threshold for first-time buyers to £425,000, which could present a much-needed stimulus to the spluttering housing market. As ever, our focus at Movera will be on providing fast and reliable services for those looking to move or remortgage this year.”