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Bank charges: MPC votes to maintain bank rate

People concerned with bank charges may be interested to hear that the Bank of England's Monetary Policy Committee (MPC) has voted to keep the bank rate at 0.5 per cent.

The MPC also voted to keep the stock of asset purchases financed by the issuance of central bank reserves at £200 billion.

Commenting on this decision was Kevin Mountford, head of banking at price comparison website

He said: "After 28 months of the base rate staying at this historic low, consumers can be forgiven for assuming that this situation will not change anytime soon.

"However, we know that rates must rise eventually and this leaves many households, especially those sat on variable rate mortgages, with some tough decisions."

Mr Mountford suggested that people looking to avoid a sudden jump in mortgage repayments should think about switching to a fixed rate product.

Charles Baker

Charles is a reputed financial analyst with almost decades of experience under his belt.

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