Which? responds to the news that the Bank of England has left the base rate unchanged at 5.25 per cent

Sam Richardson, Deputy Editor of Which? Money, said:

“Today's announcement that the base rate will stay at the current level won't help households already struggling with their mortgage payments, or about to come off fixed rate deals.

"Nearly half a million homeowners are coming off fixed term deals over the Christmas period, and are likely to see their monthly payments rocket, so banks must be ready to respond with tailored support. The regulator must monitor the situation closely to ensure firms are doing all they can, and take action against those that fall short.

“While expectations of future base rate reductions have led banks to start cutting mortgage and savings account rates, savers shouldn't put up with sub-par rates. We'd recommend shopping around to ensure you're getting the best savings rates."

ENDS