Related topic: Bank of England

This comes amid continued disruption in the Strait of Hormuz and significant damage to energy infrastructure across the Gulf.

The conflict in West Asia has raised concerns about global energy prices, inflation, and market volatility.

Barclays, HSBC, NatWest, Nationwide and Santander no longer offer sub-4% fixed deals.

There is growing market speculation that the Bank of England could increase rates as a direct consequence of the ongoing Iran-related conflict.

Some mortgage lenders cancelled planned rate cuts earlier in the week while others have increased rates.

GDP is expected to grow more slowly this year but faster in 2027 and 2028, the latest OBR forecasts show.

The rate on newly-drawn mortgages continues to fall, which could boost buyer confidence in the Spring.

Braddick will take the helm at the PRA and also become deputy governor for prudential regulation at the Bank of England.

Lower inflation and interest rate cuts will help unlock money so it can be spent in the economy, Martins said.

Inflation has fallen from 3.4% in December to 3% in January.