Commenting on the MPC’s decision not to change the Bank Rate from 4.50%, Andrew Gall, Head of Savings and Economics at the Building Societies Association (BSA) said:  

“It was no surprise that today the MPC decided to hold the Bank Rate at 4.50%, after the 25 basis point cut last month. We still expect rates will continue a downward trend this year, with probably two or three more cuts by December.

“Our latest Property Tracker Report shows that the vast majority of mortgage borrowers are not concerned about maintaining their mortgage payments over the next six months. However, anyone who is concerned that they may experience financial difficulties should contact their lender as soon as possible, preferably before missing any payments. Lenders have a range of practical, tailored support available to anyone who may be struggling.” 

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Contact: pressoffice@bsa.org.uk

About the BSA

The Building Societies Association (BSA) represents all 42 UK building societies, as well as 7 credit unions. Building societies have total assets of almost £525 billion and together with their subsidiaries, hold residential mortgages of over £395 billion, 24% of the total outstanding in the UK. They also hold £399 billion of retail deposits, accounting for 19% of all such deposits in the UK. Building societies account for 40% of all cash ISA balances. They employ around 52,300 full and part-time staff and operate through approximately 1,300 branches, a 30% share of branches across the UK.