Sun readers’ chance to grill Bank of England boss Andrew Bailey – submit your question here
Sun readers’ chance to grill Bank of England boss Andrew Bailey – submit your question here
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SUN readers are being given the chance to put their questions to the man responsible for setting how much interest you pay on your mortgage, credit card and bills. Andrew Bailey, the Governor of the Bank of England, will be in the firing-line as ordinary Brits can ask him about the impact on their household finances. We need your questions in by 4pm on Monday, February 3. On Thursday, February 6, the nine members on the Bank of England’s Monetary Policy Committee (MPC) will vote on whether to keep interest rates at the current rate of 4.75%, lower them or even raise them again.
![[Andrew Bailey, Governor of the Bank of England, speaking at a press conference.]](https://www.thesun.co.uk/wp-content/uploads/2025/01/andrew-bailey-governor-bank-england-947089229.jpg?strip=all&w=960)
It is widely expected that the Bank of England will vote in favour of cutting interest rates again on Thursday, February 6, with markets betting that it will be another 0.25% reduction to 4.5%. This will be welcome after interest rates hit a 16 year high of 5.25% in 2023 and stay there until September 2024. The Bank of England had hiked interest rates to try and lower inflation as prices of fuel, food, and energy soared in the wake of Russia’s invasion of Ukraine.
The Bank of England’s interest rate determines the level of interest charged by high street banks and lenders for household and business debt. They also set the amount of interest earned by savers. Around one million Brits still need to remortgage this year, and face doing so at much higher rates. The Bank of England has previously come under heavy fire for keeping interest rates too long, piling pressure on squeezed household finances.
There are already signs that the economy is slowing down with zero growth, the jobs market is becoming harder and companies are cutting staff. On the other hand, there is the worry that inflation will creep higher as companies start putting their prices up again to cover the increase in costs from the Budget. Mr Bailey will not say explicitly how many more interest rate cuts there will be. Or how fast or big the next ones should be. However, any clues he can give about how the Bank views the risks facing the economy will also help Brits manage their own budgets.
