Related topic: Bank of England

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.

Economists are now predicting further Bank Rate reductions 'sooner rather than later'.

Four members voted to reduce Bank Rate to 3.5%.

Wider market uncertainty is starting to impact mortgage rate setting.