Well its disappointing news for us homeowners and businesses.

Yet again the Bank of England (BoE) has kept interest rates at 5% today for the fourth consecutive month in the face of the UK’s spiraling inflation, which has now reached 3.8%; nearly twice the BoE’s target of 2%.

Despite large amounts of gloomy economic data over the past month pointing to a downturn in almost everything, the prospect of inflation soaring to 5% has left the Monetary Policy Committee (MPC) with little choice.

The decision was widely expected after what was described as the toughest ever meeting for the MPC who are struggling to juggle huge rises in the cost of everyday living with an economy on the edge of recession. 

We certainly wouldn’t like to be in the Bank of England’s shoes right now…