UK Money News
24th January 2008
February rate cut 'likely'
A cut in the base rate of interest looks likely in February, according to one personal finance expert.
David Kuo, head of personal finance at price comparison firm Fool.co.uk, is convinced that the current economic climate is such that the Bank of England will decide to reduce the cost of borrowing at the next opportunity.
The move might come as welcome news to the millions of credit consumers in the UK who are having trouble with debt and it would follow the trend set recently by the Federal Reserve in the US.
"I think that if you read between the lines Mervyn King is hinting that the monetary policy committee (MPC) will cut interest rates in February," said Mr Kuo.
"But he also said that inflation is a problem and that is something most people do recognise."
The MPC cut the base rate of interest to 5.5 per cent in December, but then opted for a hold earlier this month.
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