"Borrowers need expert support now more than ever"

Paul McGerrigan, CEO at Loan.co.uk:

“The inflation rate has again not conformed to expectations, dropping further than predicted.

“Downward momentum of this magnitude is highly positive, and this is the metric No.10 uses to measure its target of halving inflation by the end of 2023.

“Strip out the more volatile food, alcohol, tobacco and energy prices however, and we see that core inflation is more stubborn, having moved only 0.2%.

“Add in household cost and we see that the CPIH has unsurprisingly barely moved, reducing by 0.1% to 6.4%.

“These figures may divide the Monetary Policy Committee (MPC) when they meet next month, however it’s likely rate rises will continue.

“Some economists now believe rates will peak at 5.5% and remain stubbornly high until Q3 2024 before any noticeable drop; borrowers need expert support now more than ever.”