Our comment on today's base rate decision

“Inflation is running below the Bank of England’s forecast, wage growth is easing and unemployment is on the rise. Many businesses are struggling under the weight of high interest rates, while the Budget is waiting in the wings putting the kibosh on people’s plans. We need to boost investment now. The snail’s pace the MPC is moving at is leaving businesses in limbo. They should have cut rates. “At least Reeves’ refusal to rule out big tax rises this week might take some pressure off landlords. The more revenue she raises from income tax, the less she needs to draw out of landlords and the wider property market. But breaking a huge manifesto commitment like that could be a nail in the coffin for the Labour government. Putting the property market to one side, that could save the country’s finances.

“Having said that, transactions are rising, and the market is showing signs of recovery. There are plenty of deals to be had for serious players looking to invest before the Budget lands.”