Agents’ trade body Propertymark has backed the many commentators who say there will be no change in the Bank of England base rate tomorrow.

At noon on Thursday the Bank’s Monetary Policy Committee will give its latest decision, but the global fall-out from President Trump’s on-off trade tariffs and the absence of any significant good news on the UK economy suggest the Bank will keep its base rate at 4.5%.

All 61 economists polled by Reuters say the same, anticipating no cut until at least May. 

“Global developments around tariffs and defence spending have mixed implications. We suspect the BoE won’t want to rush to judgement on what it all means for the UK economy, with no concrete news yet” says Elizabeth Martins, senior UK economist at HSBC.

Ahead of Thursday’s announcement Nathan Emerson, chief executive of Propertymark, comments: “It’s widely anticipated that interest rates will remain unchanged on Thursday. However, with tax increases due in April and elements of both the wider political and economic landscapes being turbulent in some respects, this could present implications for the Bank of England when deciding on its next course of action.

“The majority of the nation will need to see borrowing costs drop in order to find a more affordable balance; however, this must be done at a pace which provides a secure path moving forward.”