Today the Bank of England’s Monetary Policy Committee (MPC) will convene for their monthly meeting to discuss the state of the UK economy. The Bank of England will publish the latest data concerning the inflation level in the quarterly Inflation Report. The extent of the data and information reported has pushed this day to be dubbed Super Thursday.

Growth forecasts are expected to be cut as the economy struggles to keep its grip on recovery. Previous forecasts were set for 2.2% for 2016, but it is likely to be cut back to 2.0.

The EU referendum is expected to have an impact on the decisions of the MPC and their statements shared within the published minutes. Concern is strong as to impact of a possible Brexit on the economy and therefore it will be important as to the tone of the published minutes resulting from the MPC meeting which will be scrutinized by economists.

While there had been expectations that the first half of 2016 would see the standard base interest rate increased, that has ceased to be due to the current state of the global economy as well as the possible Brexit. Therefore, few if any economists will expect to see the MPC announce a change to the current 0.5% rate.

There is likely to be continued caution from consumers and many will be looking to find financial security opportunities where available in the face of so many unknowns. Homeowners for instance are expected to take advantage over the next few months of fixed rate low interest remortgages to secure a lower repayment and/or savings as well as the possibility of cash release to consolidate debt.

Lenders currently are still in a competitive mode for the attention of borrowers, but that is not expected to continue much longer as they seek creative ways to get new customers such as 100% mortgage deals. That is why experts are encouraging homeowners that are considering a remortgage to do so seriously while the conditions in the lending market are competitive, relaxed, and attractive low interest rates are still the norm.