Inflation fears recede in boost for borrowers: Bank of England set to keep interest rates on hold

The Bank of England is expected to maintain current interest rates after the Office for National Statistics reported that consumer prices index inflation remained unchanged at 2.8% in May, missing the 3% forecast. Although the Bank previously cut rates in December, ongoing upheaval in the Middle East has prevented further reductions. This stability in inflation data offers a boost to borrowers as immediate concerns regarding rising inflation levels begin to recede across the economy.