The Bank of England’s Monetary Policy Committee could be under scrutiny as well as their continued low interest rate near zero since the 2008 financial crisis. A Treasury select committee wants to examine in detail as to how the UK economy has been impacted by the decisions of the MPC. The result is that the power to control the standard base interest rate could change to the control of the Treasury.

The review is being triggered by comments submitted by Theresa May that quantitative easing and near zero interest rates were causing “bad side effects”. She is concerned that families that are merely surviving in the current economy and not thriving are suffering from the policies of the MPC.

Andrew Tyrie, the Tory MP and chairman of the Treasury review committee, stated that he wants to investigate the impact on households and “unintended consequences” of keeping the rate at near zero. The committee will also look into the impact of the quantitative easing of which is currently in the amount of £435 billion.

Mr. Tyrie said, “Interest rates are stuck near zero, the Bank of England has used increasingly unconventional forms of quantitative easing, and inflation has been below the 2% target for three years. The efficacy of monetary policy or otherwise, its unintended consequences, and its prospects, need careful examination.”

This information should alert homeowners and hopeful home buyers that there could be factors at play that would push interest rates upward much sooner than expected. Therefore, if the current low interest rates available offer an opportunity for a great remortgage or mortgage, the time has now changed from “not if, but when” in the consideration of possibly seeing increases in the standard base interest rate.