UK Money News
5th August 2008
Bank could hike borrowing costs
The Bank of England could be set to hike interest rates this week, an economist has warned, with borrowers facing higher mortgage and loan repayments as a result.
Polls of economic analysts have revealed that the majority expect the Bank's monetary policy committee to freeze rates at their current level of five per cent as they bid to curb soaring inflation.
However, according to Investec economist Philip Shaw the fact that one of the nine-member committee voted a rise last month suggests that a hike could be on the way.
He said: "Pressures for higher rates are likely to linger on the committee. We cannot entirely rule it out."
Mr Shaw's comments were echoed by Vicky Redwood of Capital Economics who noted that "if interest rates change, they are more likely to go up than down."
Inflation is currently running at 3.8 per cent – well above the official target of two per cent.
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