UK Money News
28th February 2008
Rates to stay on hold for now
Mortgage holders will have to wait at least another month before they see the cost of borrowing fall any further.
That is the unanimous view of financial analysts, who expect the Bank of England's monetary policy committee (MPC) to leave the base rate of interest unchanged at 5.25 per cent next week.
An economic slowdown is likely to mean further cuts before the end of the year but, with inflation still a worry, March looks as though it will be too early for any movement.
"We had a rate cut last month, and reading from the minutes of that, the key message is that the members of the MPC are concerned about the trajectory for inflation in the short term," said Jeavan Lolay, economist for Lloyds TSB.
Experts from the Halifax, Royal Bank of Scotland, Global Insight, Capital Economics, the Centre for Economics and Business Research and HSBC all agreed that there would be no change next week.
Interest rates have been cut twice in the last three months in response to weakening consumer activity.
The MPC is seeking to reinvigorate the economy without fuelling inflation, which is already rising thanks to higher energy and food costs.
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