Selling December 14, 2016
     

The Bank of England Holds Base Rate

The Bank of England decided unanimously to hold the base rate at 0.25% in November, despite suggestions back in August that a further rate cut was possible.
 
Following Britain’s vote to leave the European Union back in June, economic activity was widely expected to weaken.
 
This could have triggered a further cut in rates.
 
However, markets have proved resilient, and economic growth has been higher than expected. The more positive economic outlook means rates are on hold for now.
 
A change in rates has not been ruled out though. The Monetary Policy Committee, which sets interest rates, indicated that they would move rates in either direction to respond to changes in economic outlook.
 
Factors which could affect their decision include rising inflation, or the cost of living, and the impact of Brexit.
 
According to the Bank of England, inflation is set to increase sharply next year. If it exceeds the Government’s 2% target, the Monetary Policy Committee may decide to raise the base rate.
 
However, if Britain’s negotiations over how we will leave the EU affect business activity and supply growth, this could lead to a cut in rates.

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Hurfords is a trading name of Sharman Quinney Holdings Limited which is registered in England and Wales under company number 4174227, Registered Office is Cumbria House, 16-20 Hockliffe Street, Leighton Buzzard, Bedfordshire, LU7 1GN. VAT Registration Number is 500 2481 05.

For activities relating to regulated mortgages and non-investment insurance contracts, Sharman Quinney Holdings Limited is an appointed representative of Connells Limited which is authorised and regulated by the Financial Conduct Authority. Connells Limited’s Financial Services Register number is 302221.

IMPORTANT: If you are selling a residential property in the UK that is not your primary residence, you should check your capital gains tax liability. Find some useful links to more information here.

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