Struggling homeowners hoping for a cut in interest rates were left disappointed at lunch time today when the Bank of England's monetary policy committee (MPC) voted to leave the base rate unchanged.

With concerns about inflation seemingly outweighing the desire to reinvigorate a slowing economy, those hoping for a cut will have to wait until next month.

Further reductions appear likely and, if inflation remains within the MPC's target range, the base rate could hit five per cent in April.

Sebastian Mackay of Scottish Widows Investment Partners (SWIP) said this week that he expected interest rates to fall to four per cent by the second half of 2009.

Rising prices and the effects of the credit crunch are hitting homeowners hard.

Last summer's floods have pushed up home insurance premiums, council tax is rising and tighter lending conditions mean that anyone coming off a fixed rate mortgage is in for a hike in repayments.

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