Despite recent rate cuts from the Bank of England, most mortgage United Kingdom rates appear to be staying the same, right around 5%. Experts are pushing the government to enact more rate cuts, but that will only help if mortgage United Kingdom banks agree to lower their rates. So far, many have been hesitant to do so, keeping their rates stagnant.”The latest data shows the economy is slowing, albeit only gradually, and at the same time inflationary pressures continue to mount,” said Ian McCafferty, chief economic adviser to the CBI business group. “The Bank faced a difficult decision, but it is no surprise that rates were kept on hold this month.”"The economy has been through a series of shocks since the credit crisis hit last summer and the Bank has been right so far in responding with a measured approach on rates,” said the EEF’s chief economist, Steve Radley. “However, despite concerns on inflation, further cuts to interest rates are needed to prevent the economy from drifting towards recession.”Not everyone agrees with this premise. “This decision was a mistake given the serious threats to economic growth,” said BCC adviser David Kern.
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