Loan Protection: Interest Rates Expected To Be Frozen For Rest Of 2010
Interest rates which are at a historical low are expected to remain so for the rest of the year. Most of the financial analysts do not see any liquidity in the interest rates freeze.
Online, September 8, 2010 (Newswire.com)
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London, : Interest rates will be frozen at their historically low rate for the rest of the year, according to an expert.
The base rate is currently set at 0.5 per cent and the Bank of England's Monetary Policy Committee (MPC) is due to announce their monthly interest rate decision on Thursday (9th September).
With inflation above the government's two per cent target there has been some speculation that the MPC will raise rates.
However, Martin Bamford, chartered financial planner at Informed Choice, claims it would "be a big surprise to see a rate hike now".
He said: "There is a real danger that a higher cost of borrowing could stifle economic recovery whilst doing very little to combat inflation, which already seems to be falling."
Interest rates have been unchanged since March 2009 when the rate was halved from one per cent.
Andrew Sentance is the only member of the MPC who has publicly advocated for an increase in interest rates.
"Interest rates in the United Kingdom aren't expected to go north for the rest of the year. The base rate is at a historical low and is expected to remain for some more time" said financial analyst Charles Baker who has decades of experience in the financial industry. He works as a financial analyst for PPI Claim Company.co.uk.
"Customers should think about other avenues of investment to compensate for the low interest rates that they are getting. It is advisable to seek help from financial analysts with expertise in Financial Service Authority as they would be able to advice customers on profitable avenues of investment."
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