Rates on hold- Has the bad credit mortgages effect not been as damaging a expected.

Members of the monetary policy committee held rates at 5.75% despite intense pressure for an emergency cut, to shore up the bad credit mortgages effect.

The Bank Of England held its ground in the wake of the bad credit mortgages crisis. Focusing on inflation rather than economic growth.

Inflation is running at below the 2% target at 1.8% but economists still reckon the next rate move will be done which would be a huge relief for borrowers with bad credit mortgages. Many are forecasting further rate cuts next year.

An impact from the bad credit mortgages markets are still in the pipe line and will take its time to express itself in growth and spending.