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The Bank of England set to keep rates at 0.5%

The Bank of England monthly meeting for May should be a fairly low-key affair with a suggestion that UK base rates will be maintained at 0.5%. While there are differing groups in the UK looking for a reduction and some looking for an increase in UK base rates it appears that the MPC will be more concerned with quantitative easing in the short to medium term.

The likely decision to maintain rates at their current level is a further knock for UK savers who have seen their income decimated over the last few months. However, for those in the mortgage market it may offer an extended period during which they can either remortgage or take out a fixed rate mortgage agreement. Many experts believe that the UK economy is now in the process of "balancing out" with recent reports indicating both a recovery in the economy while others suggest a further softening.

While the short-term direction of UK base rates appears fairly certain, experts and economists will be looking towards the Bank of England for an indication of the future direction of the UK economy. This month's MPC meeting could turn out to be a significant steppingstone in the ongoing recovery of the UK economy.

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