Afternoon Rate Update

Headline

PWLB Rates Shift Slightly, But Not Enough to Raise Eyebrows

Notice Details

PWLB Interest Rate Notice Number 039/26, effective from 12:30 on 29 January 2026.

Maturity Rates

• 1y: 4.60% (0)
• 2y: 4.70% (1)
• 3y: 4.81% (1)
• 5y: 5.04% (1)
• 10y: 5.61% (2)
• 25y: 6.24% (3)
• 50y: 6.03% (3)

Afternoon Context

This morning’s GBP Car Production YoY data was released at 10:30am, showing an actual value of 0.18%, which exceeded the forecast of 0.07% and the previous figure of -0.14%. This positive surprise may lend some support to the gilt market, although the overall sentiment remains cautious amid ongoing geopolitical tensions. In the news, gold prices have surged to record highs, driven by a weaker dollar and increased demand for safe-haven assets. Despite these developments, PWLB rates have only seen minor adjustments, indicating a stable borrowing environment for local authorities.

Calendar Events

REMAINING TODAY:

• No further significant economic releases today.

THIS WEEK AHEAD:

• Tomorrow, 07:00: GBP Nationwide Housing Prices MoM - Forecast: 0.6%
• Tomorrow, 07:00: GBP Nationwide Housing Prices YoY - Forecast: 1.5%
• Tomorrow, 09:30: GBP Mortgage Lending - Forecast: 4.60B
• Tomorrow, 09:30: GBP Net Lending to Individuals MoM - Forecast: 4.20B
• Tomorrow, 09:30: GBP Mortgage Approvals - Forecast: 64.40k
• Tomorrow, 09:30: GBP BoE Consumer Credit - Forecast: 1.90B
• Tomorrow, 09:30: GBP M4 Money Supply MoM - Forecast: 0.01
• Monday, 09:30 (2026-02-02): GBP S&P Global Manufacturing PMI Final - Forecast: 51.6
• Tuesday, 10:00 (2026-02-03): GBP Treasury Gilt 2035 Auction
• Wednesday, 09:30 (2026-02-04): GBP DMP 1Y CPI Expectations - Previous: 3.2%

This commentary is provided for informational purposes only and should not be construed as financial advice. Market conditions can change rapidly, and you should always verify current rates directly with the PWLB or through official channels before making borrowing decisions. Past performance is not indicative of future results.

Keep your rates close and your borrowing closer!