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UK Interest Rates Forecasts and Predictions for Home and Property in the UK at 21 12 2007
| UK Interest Rate: 5.5% UK Interest Rates Forecast: Further cut possible early in 2008 Interbank Lending Rate Failed To React To Rate Cut One of the effects of the credit crunch has been that the London Interbank Offered Rate (known as the LIBOR) has risen steadily. The LIBOR is the interest rate than UK banks pay when they lend money to each other for three months. This is important because this lending between banks is one of the main ways fixed-rate mortgages are funded. When the Bank of England cut interest rates last week, they hoped that the LIBOR rate would also fall - making it easier for banks to borrow money from each other again. That hasn't happened - and now the Bank of England is resorting to more desperate measure, making loans available to banks that need them, without charging the usual penalty rates of interest. Time will tell if this is effective - but in the meantime borrowers will find that the interest rates at which they can remortgage remain fairly high. Inflationary Pressures? A new report from the Office of National Statistics - the government's number cruncher - has shown that factory gate inflation is at its highest for 16 years. To you and I, that means the price of UK-made goods is rising faster than it has done for some time. Average output (finished goods) prices rose by 0.5% in November, bringing the annual increase to 4.5%. The increases are not simply the result of greedy manufacturers, though - raw material prices are still rising - in particular food and crude oil. Raw materials rose by a staggering 1.7% in November - dwarfing the increase in output prices. All this means that the Bank of England may still be very wary about cutting interest rates again soon - as combating rising inflation is one of their highest priorities. |
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