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The Bank of England on Thursday announced that UK interest rates will remain unchanged at 5.5% for January. This is despite pressure on the Bank’s Monetary Policy Committee to lower the rates in order to counteract a decrease in consumer spending. The decision to not affect a rate cut dashed the hopes of millions of UK homeowners desperate for relief after the expensive Festive Season. To make matters even worse, more than 1.4 million people will come to the end of their fixed rate mortgage deal in the next couple of months. This means that their home loan repayments will increase by an average of 200 pounds per month or more, adding even more pressure on already tight household budgets.