Related topic: Interest rates

Cuts to Bank Rate could resume if a "benign outcome for energy prices" materialises, Taylor said.

The products provide existing customers with additional options to review their borrowing and raise funds against their portfolios.

A hold was widely predicted after UK CPI inflation held steady at 2.8% in May.

The surprise inflation figures "could trigger a mortgage price war", industry experts predict.

As a result, many expect the Bank of England to adopt a 'wait and see' approach to interest rates at its meeting next week.

Greene has hinted at future rate rises, arguing for a 'proactive approach' to growing inflation.

Bailey believes the Bank has already effectively tightened monetary policy by taking the prospect of future rate cuts off the table.

Despite the surprise ease in inflation, industry experts say the fall is unlikely to be sustained.

The IMF has upgraded GDP from 0.8% to 1% for 2026, but warns that domestic and international risks remain.

One member voted to increase Bank Rate to 4%.