UK Money News
8th August 2008
Borrowers 'should expect rate cuts later this year'
The Bank of England is set to cut interest rates later this year and bring much needed relief to borrowers, one of the UK's largest mortgage brokers has predicted.
Yesterday, the Bank's monetary policy committee ignored calls for a cut and held interest rates at five per cent for a fourth consecutive month.
According to Ray Boulger of John Charcol, the move makes a cut more likely in months to come.
He said: "The fall of nearly 20 per cent in the oil price from its recent peak, coupled with a sharp fall in other commodity prices, provides some optimism that inflation will start to fall later this year, giving the monetary policy committee (MPC) scope to resume their rate cutting to try to fend off recessionary risks.
"The MPC will have been aware of most, if not all, of the content of this report and it should provide a good indication of the near term trend in Bank rate."
Mr Boulger advised homeowners looking for a mortgage deal in the interim to opt for a variable rate loan to take advantage of the cuts when they arrive.
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