A new survey released by the Bank of England reveals that just under half the public believe that interest rates are too high, ahead of its rate-setting committee meeting taking place next week.
The poll found that 42% of the public think interest rates should be lowered – a figure that has remained the same since the last Inflation Attitudes Survey in May.
A smaller group of 28% believe interest rates should "stay where they are", which is an increase from the 24% in the last survey.
The BoE’s Monetary Policy Committee will reconvene on Thursday, with many believing that the base rate will remain at its current level of 5%.
Rates were cut from a 16-year high in August, coming down 0.25% to 5%, marketing the first rate cut in four years.
The survey also found that 55% of the public say that interest rates “on things such as mortgages, bank loans and savings” had increased over the past 12 months, which is down from 64% in May.
29% of respondents expect inflation to rise from its current 2.2% rate over the next year, down from 34% in May.
According to the last set of official statistics, general prices were up 2.2% in July, from the 2% target it reached in May and June.
The central bank has forecast that inflation will reach 2.75% by the end of 2024 and remain above target in 2025, mostly due to fluctuating energy prices and other factors.
The Bank of England’s survey was conducted by data group Ipsos through an online poll of 2,200 adults.
