Bank of England holds fire on interest rates – but good news is coming for homeowners

Pressure is building on the Bank to cut rates. But with inflation now falling, it’s a question of when, not if, writes James Moore

Will the Bank of England offer borrowers some June sunshine? (AP)

Here’s the good news: a rate cut in either July or August can probably be characterised as a racing certainty. But will the Bank of England feel confident enough to pull the trigger early? Borrowers are eagerly awaiting the answer to that question.

As expected, the rate setting Monetary Policy Committee (MPC) left rates at 5.25 per cent at their latest meeting.

The 7-2 vote, however, threw up a modest surprise. Dave Ramsden, one of the Bank’s deputy governors, joined the MPC’s dove-in-chief Swati Dhingra, an external member, in voting for a cut. I had expected an 8-1 decision.