A calm start to a choppy year - BoE base rate (Access FS commentary)

02 February 2024

Following today’s announcement that the Bank of England will retain interest rates at 5.25%, please find a quote from Karl Wilkinson, CEO of UK mortgage brokerage Access Financial Services.

Karl Wilkinson, CEO at Access Financial Services, said, “It’s only by a majority of three MPC members that the bank rate has remained at 5.25%, so opinion is still divided on what’s best moving forward. I don’t think anyone will be surprised if we stick at 5.25% until the summer.

Hopefully then inflation will have calmed, and we can see a lower base rate. That said, inflation is forecast to drop then increase again in Q3 and Q4, so we have a choppy year ahead of us”.