"Consecutive base rate rises have been painful and done little to stem inflation; it’s time for a different approach"

Mark Harris, CEO at SPF Private Clients:

 “At least inflation had been moving in the right direction, even if at a frustratingly slow pace — now with no movement this month, it will put further pressure on the Bank of England to hike interest rates yet again.

“There is a strong argument for pausing the rate rises for now, giving the market time to settle down and adjust. Consecutive base rate rises have been painful and done little to stem inflation; it’s time for a different approach, letting them take effect, rather than causing continued anxiety and distress for borrowers.”