The Bank of England’s Monetary Policy Committee voted unanimously yesterday to hold the Bank Base Rate at its record low of 0.5% for another month.

This is good news for mortgage borrowers on a variable rate deal as Base Rate influences wider interest rates, so it’s unlikely they will see an increase in their mortgage pay rate in the near future.

Maike Currie, investment director at Fidelity International, said that a future rate cut was possible if the economy weakens: “With inflation at 0.5% – a far cry from the Bank’s target rate of 2% and UK economic activity grinding to a near halt, the Monetary Policy Committee (MPC) has unsurprisingly maintained its cautious stance, unanimously voting to keep interest rates at the record low of 0.5%.

“If economic conditions do not improve, speculation is rife that some members of the MPC may vote in favour of a rate cut in the not too distant future.”