MorganAsh comments on BoE MPC decision

06 November 2025

Andrew Gething, managing director of MorganAsh, said:

“A few weeks out from the Budget, we shouldn’t be surprised to see the Bank of England hold the base rate. The central bank will be the first to say it wants a full picture before making any cuts and with potential tax rises on the table and clear implications, there are just too many variables. While stability is always welcome, another hold keeps the pressure firmly on households. Improving mortgage rates in recent weeks certainly helps new borrowers and those looking to remortgage, but we mustn’t forget those still feeling that heavy financial burden in a challenging economy and difficult jobs market.

“The launch of the Government’s Financial Inclusion strategy this week is therefore timely. According to new data, up to 1.9 million people are relying on illegal loan sharks to manage unexpected financial shocks or to just get by. With increasing focus from government and regulators, there is real emphasis on industry to tackle low financial resilience and exclusion. On top of real financial vulnerability, there are countless other life events and situational vulnerabilities that are impacting consumers in the current climate. The urgent question is, do we know how many are also our customers? No matter the outcome of the Budget, we must focus our attention on customer vulnerability and making sure we have the necessary processes, platforms and data to ensure we support, not side line, vulnerable customers.”