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UK Interest Rates Forecasts and Predictions for Home and Property in the UK at 3rd December2006
| UK Interest Rate: 5.00% UK Interest Rates Forecast: Further increases fairly unlikely in next six months MPC Divided Over November Interest Rate Increase Although the Bank of England's decision to increase the base rate in November was widely thought to be a foregone conclusion, it seems the Bank's Monetary Policy Committee were not all in favour of the increase. Deputy Governor Rachel Lomax, who is responsible for monetary policy, voted against the increase, as did one other MPC member. The recently-published minutes of the MPC's November meeting reveal that Lomax considered it unnecessary to take any further action against inflation at this time, and was concerned that rising unemployment could lead the Bank to consider dropping rates again in 2007. This information has altered the balance of opinion amongst analysts who were predicting a further rise to 5.25% in February. It is now looking more likely that rates will remain unchanged at 5% in February, subject to inflation and unemployment remaining fairly stable. 29 Mortgage Lenders Have Now Increased Rates 29 mortgage lenders have increased their standard variable rate of interest in the wake of the November rise in the Bank of England's base rate. A survey by price comparison service Moneyfacts showed that almost all lenders had passed on the full 0.25%, with only two limiting their increase to 0.24%. Moneyfacts also suggested that several more lenders were set to increase rates, including some of the larger lenders who have not yet reacted to the change in the Bank of England's base rate. NSI Puts Up Interest Rates National Savings & Investments have increased the interest rates on their savings products by up to 0.25%. The prize fund for Premium Bonds will also be increased from January 2007 and will offer an effective interest rate of 3.40% tax-free. |
Latest UK Interest Rates Forecast
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Interest Rates Forecast to 27/10/06
Interest Rates Forecast to 7/11/06
Interest Rates Forecast to 22/11/06
Interest Rates Forecast to 27/11/06
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