CML: Bank of England can cut interest rates after "the spike of inflation"

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CML: Bank of England can cut interest rates after "the spike of inflation"

The Bank of England will be able to reduce interest rates once it is clear the country is over "the spike of inflation", the Council of Mortgage Lenders (CML) has claimed.

A spokesperson for the CML said that once this point is passed, the possibility will exist for "more concerted action" to cut interest rates.

He said the Bank of England would then have "more credibility" in doing so.

Changes in interest rates at such a point would be better for sustaining confidence in the bank's decisions, he added.

Interest is currently at five per cent, a figure that was held last month.

The next interest rate decision is due to be made on September 4th.

According to the Office for National Statistics, the consumer price index annual inflation rose from 3.8 per cent in June to 4.4 per cent in July.

It was the biggest change since records began in 1997, with the largest upward pressure coming from food and non-alcoholic beverages.

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