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Base Rate comment from Phoebus: "We can still expect more competitive pricing"
19 September 2024
Richard Pike, chief sales and marketing officer at Phoebus, said: “With economic growth in the UK treading water and inflation likely to increase again towards the end of the year, this Committee decision is unsurprising. Markets were predicting a one-in-five chance of a Bank Rate cut, so today’s decision falls in line with this and won’t cause major changes in product pricing.
That said, many lenders have been holding back dropping fixed rates for as long as they could, so we can still expect more competitive pricing. I expect we’ll see a different picture in November, when Markets are predicting a 0.25% reduction in Base Rate”.
