Mortgage market experts, economists and fund managers are predicting that, until 2014, the base interest rate will remain at 0.5% – a record low level. It has also been said that it may not rise for another three to five years, despite March’s shock rise in inflation.
CPI experienced a small rise – 3.4% to 3.5% – but significantly higher than the government’s target rate of 2%. This prompted some speculation that the Bank of England monetary policy committee (MPC) might raise interest rates in an attempt to curb inflation.
However, other economists and financial experts are doubtful there will be sufficient improvement in the UK economy to enable the MPC to raise interest rates before the end of 2013 at the earliest.
Chief economist at Nationwide Building Society, Robert Gardner, said the economic date was too volatile to enable the MPC to gauge the strength of the economy accurately. This volatility would be increased further in 2012 with the Olympics and the diamond jubilee.
May 1, 2012 at 3:20 am | Uncategorized |
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