Interest rate rises may well be over following the latest report from the Office of National Statistics (ONS).

Inflation stood at just 1.9% in July, according to ONS, which is down from 2.4% in June and below the Bank of England’s 2% target for the first time since March 2006. The revelation has led many analysts to reassess their position with regards to the potential for future increases in the base rate, which currently stands at 5.75%
Ian Kernohan, Royal London Asset Management economist, said: “Having surprised on the upside last month, there was a much bigger downside surprise for inflation this month. The announcement must have put some question marks over a move to 6% interest rates.”