BOE pause a relief for consumers, but rates to remain high for some time

THE Bank of England’s (BOE) latest decision to keep its benchmark interest rate unchanged will come as a relief to Britain’s consumers, many of whom have been struggling with mortgage payments.

Nevertheless, experts warned that interest rates are expected to remain high during the coming 12 months.

After 14 hikes from a low of 0.1 per cent in 2021, the central bank surprised rate hawks by keeping its interest rate at 5.25 per cent.