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UK Interest Rates Forecasts and Predictions for Home and Property in the UK at 18 1 2008
| UK Interest Rate: 5.5% UK Interest Rates Forecast: Cut expected by many economists in February Bank of England Holds Rates for January Following the monthly meeting of the Bank of England's Monetary Policy Committee (MPC) on the 9th January, the Bank announced that it would be leaving interest rates unchanged, at 5.5%, in January. Although many businesses were calling for rates to be cut, many economists expected the MPC to leave rates unchanged due to continuing inflationary pressures - particularly oil prices. Calls for cuts are largely from interested parties such as retailers and mortgage lenders, who see their businesses being placed under pressure by reduced consumer spending power. It's thought that one of the main reasons for leaving rates unchanged this month was that the MPC members wanted to see the contents of February's Bank of England inflation report before making a decision to change rates. Many economists think a rate cut is more likely in February, but this could be highly dependent on whether there is any reduction in inflation by that time. New Official Report Confirms Credit Tightening A new report from the Bank of England has confirmed what many of us have already experienced - borrowing money is getting harder and more expensive. The quarterly Credit Conditions Survey found that the last quarter of 2007 had seen the "availability of secured credit [mortgages and secured loans] to households" being "reduced materially". At the same time, the Bank found that demand for such lending had increased over the last three months. In plain language, this means that borrowers are finding it harder to get home loans and mortgages, especially if they have less than perfect credit histories. This could be a sign of things to come in 2008, although some levelling out of the credit market is expected later this year. |
Latest Interest Rates Forecast in the UK
Interest Rates Forecast to 10/10/06
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Interest Rates Forecast to 30/3/07
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Interest Rates Forecast to 27/4/07
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Interest Rates Forecast to 6/7/07
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Interest Rates Forecast to 20/7/07
Interest Rates Forecast to 27/7/07
Interest Rates Forecast to 3/8/07
Interest Rates Forecast to 10/8/07
Interest Rates Forecast to 17/8/07
Interest Rates Forecast to 24/8/07
Interest Rates Forecast to 31/8/07
Interest Rates Forecast to 7/9/07
Interest Rates Forecast to 14/9/07
Interest Rates Forecast to 21/9/07
Interest Rates Forecast to 28/9/07
Interest Rates Forecast to 5/10/07
Interest Rates Forecast to 12/10/07
Interest Rates Forecast to 19/10/07
Interest Rates Forecast to 26/10/07
Interest Rates Forecast to 2/11/07
Interest Rates Forecast to 9/11/07
Interest Rates Forecast to 16/11/07
Interest Rates Forecast to 30/11/07
Interest Rates Forecast to 7/12/07
Interest Rates Forecast to 14/12/07
Interest Rates Forecast to 21/12/07
Interest Rates Forecast to 28/12/07
Interest Rates Forecast to 11/1/08
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