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UK Interest Rates Forecasts and Predictions for Home and Property in the UK at 15 Feb 2008
| UK Interest Rate: 5.25% UK Interest Rates Forecast: Potential exists for further cuts later this year Bank of England Cuts Rates Again The Bank of England has cut interest rates again, just two months after December's surprise cut. The Bank's Monetary Policy Committee took the decision to cut rates by 0.25% at their monthly meeting on 6/7th January. The latest cut leaves interest rates at 5.25% - but many economists expect further cuts later this year. The MPC will have considered a number of factors when making its decision - including: · Inflation: One of the Bank's primary responsibilities is to maintain CPI inflation at its target level of 2%. Its currently running at 2.1% and rising energy and food prices are providing continuing upwards pressure. This was probably a factor against a rate cut. · Housing Market: The housing market is universally agreed to be weakening, with most house price indices registering a fall in growth rates. There is some danger that this could become a crash as a result of the combination of falling house prices and the credit crunch. This would have been a factor in favour of a rate cut. · Economic Growth/Financial Markets: The markets have been having a torrid time recently, with the FTSE100 and most other indices falling steadily. Growth, although still positive, is slowing also. Both of these factors would count in favour of a cut in interest rates. · Currency: The pound is quite weak at the moment - especially against the Euro. This means that imports from Europe are getting more expensive - adding to inflationary pressures. On the positive side, exports to Europe are more affordable for European buyers - helping stimulate growth. |
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