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UK Interest Rates Forecasts and Predictions for Home and Property in the UK at 15 6 2007
| UK Interest Rate: 5.5% UK Interest Rates Forecast: Likelihood of increase to 5.75% in July or August Interest Rates Remain On Hold For June The Bank of England will leave interest rates unchanged for June, it was announced on Thursday. The Bank's base rate - upon which mortgage interest rates are based - is currently 5.5% It is thought that the bank's Monetary Policy Committee believe that the impact of previous rate rises is not yet clear, prompting them to wait a little longer before deciding on a further increase. Markets Still Expecting Further Rate Hikes Although the Bank of England has left rates unchanged this month, most economists expect further rises over the next few months, with rates likely to peak at 5.75 or 6 per cent. Howard Archer, chief UK economist at Global Insight commented that "The Bank of England's decision to leave interest rates unchanged may well prove to be only a temporary reprieve - We suspect that another 25 basis point hike to 5.75% could arrive as soon as July." The financial markets are also thought to have priced in further rate rises over the summer. Consumers Concerns Growing Consumer confidence is still relatively strong, with high street results only slightly down on previous months. However, most consumers are expecting further increases in interest rates and are beginning to become more concerned about issues such as job security. A survey carried out for Lloyds TSB revealed that 70% of consumers expect interest rates to increase again this year, and only 7% of the 2000 surveyed believed that interest rates will be lower in a year's time. 36% of those questioned also admitted to increased concerns over job security, believing that employment prospects would be poorer in a year's time than at present. |
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