This is the outcome that was largely expected and shows that the economy is in a stable state.

It is unlikely that the Bank will change rates for some time to come unless the economy shows signs of weakness, although it is expected that the next move will be downwards, and many analysts believe this could happen during the autumn.

After months of speculation about the direction of our market following the introduction of regulation last October and the hike in interest rates last year, many mortgage brokers have turned to secured loans as the best solution to consolidate their clients’ short term debts such as credit cards, hire purchase and unsecured loans.

When you consider that the average client can save around 50% of their outgoings each month, it makes pure sense. That 50% is equal to around £300 of extra cash back in their pocket per month.