As is the usual case, the first week of the month will bring together the members of the Bank of England’s Monetary Policy Committee (MPC).  The MPC will be coming together to meet and decide what action, if any, to take to ensure the health of the UK economy.  Most consumers are interested in whether or not the MPC will increase the standard base interest rate.  Those on tracker mortgages and considering a tracker remortgage have been assured by experts that the MPC will not touch the interest rate throughout the end of 2012.

There had been speculation that the final infusion of quantitative easing (QE) would occur in November.  Yet, due to the latest data on the GDP and the UK economy’s rise from the grasp of a double dip recession the expectations on more QE have changed.  Once the meeting concludes we will know if the MPC members were in a majority decision that the economy still needed a boost.  It is not likely to be a unanimous vote as last month’s Minutes from the October MPC meeting revealed there was division on whether more QE was necessary.

Though we won’t know for sure until the official minutes from the MPC meeting are released later in the month, there is expectation that there will be a good amount of discussion about the lending market.  The Bank of England’s lending programme for funding lenders called Funding for Lending has yet to get the overwhelming response or demand for mortgage and remortgage lending that was expected.  There are experts that believe that homeowners looking for remortgages and hopeful home buyers are slowly considering if interest rates from lenders have fallen as far as they are going to with some already breaking below the 3% threshold.

The MPC meeting will occur on 7 and 8 of November.