MorganAsh comments on BoE MPC decision

20 March 2025

Andrew Gething, managing director of MorganAsh, said:

“Today’s decision was probably one of the easiest to predict given the economic landscape and the central bank’s own gradual and careful approach to monetary policy. In truth, the data just isn’t there yet for the Bank of England to make the decision to cut – although, we remain hopeful that this will still come.

“While stability on interest rates is not necessarily a bad thing, rates remaining high keeps the pressure firmly on those households that are already feeling the pinch. In these moments, the opportunity for clients to find themselves in a vulnerable situation is all too easy and given the wider stakes in play – such as a heavy focus on disability and welfare in next week’s Spring Statement, firms absolutely need to have a real grasp on customer vulnerability.

“The recent multi-firm review by the FCA once again highlighted this is a real issue for firms, with many still unable to monitor or take action on outcomes for vulnerable customers – despite the renewed emphasis of Consumer Duty. As more clients potentially require greater and more tailored support, firms absolutely need the right strategies, training and technology in place to generate the necessary data to respond properly.”