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UK Interest Rates Forecasts and Predictions for Home and Property in the UK at 16th March 2007
| UK Interest Rate: 5.25% UK Interest Rates Forecast: Further 0.25% rise likely in April or May Bank of England Leaves Interest Rates On-Hold In March The Bank of England's Monetary Policy Committee voted on the 8th March to leave their base interest rate unchanged for March. The decision was widely-expected, especially given the recent turbulence in the global financial markets. Concerns remain over price rises at the factory gate and on the high street, as well as the level of private sector pay settlements. However, the MPC may well have decided to allow previous changes greater time to work, and to wait until the contents of April's budget are clear before deciding on another rate rise. Rates
Likely To Peak At 5.5. Per Cent Estate agents Savills also believe that rates will not remain above 5 per cent for long, expecting rates to settle between 4 and 5 per cent in the longer-term. Pay Settlements Continue To Raise Pressure on Interest Rates Despite this month's decision to keep interest rates on hold, pay settlements are continuing to add to the case for a further rise in interest rates. The reason for this is private sector pay, which is rising at twice the rate of public sector pay – recently subject to a subdued 1.9 per cent average settlement. Pay specialists IDS (Income Data Services) report that the median pay settlement in the private sector rose to 3.5 per cent for the three months to the end of January, an increase of 0.5 per cent on the three months to December. |
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