UK Money News
6th March 2008
Next cut likely in May
The Bank of England is likely to next cut interest rates in May, according to the Royal Institute of Chartered Surveyors (Rics).
The trade association agreed with the bank's decision today to leave the base rate unchanged at 5.25 per cent.
However, Rics chief economist Simon Rubinsohn said there was likely to be more movement before the summer.
"It would be highly unusual if the impact of a credit contraction on the scale currently under way was to be limited to just the property market," Mr Rubinsohn said.
"We suspect that it will gradually infect other parts of the economy and eventually lead the Bank to cut base rates further.
"Our judgment is that the next move will be in May," he added.
The base rate currently stands at 5.25 per cent follow quarter-point cuts in February and December.
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