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UK Interest Rates Forecasts and Predictions for Home and Property in the UK at 3 8 2007
| UK Interest Rate at 3 8 2007: 5.75% UK Interest Rates Forecast: Increase to 6% likely later this year New Survey Suggests More Rises To Come A new survey of leading economists for the Independent on Sunday newspaper has found that economists at many of the City's leading institutions - such as Barclays, Ernst & Young and HBOS - believe that more rate rises are on the way. Opinion was split as to how much further the Bank of England will raise rates - with a majority leaning towards a peak level of 6%, but a significant number believing that rates could go higher. Ernst & Young's own Item Club report has forecast that the MPC will raise interest rates to 6% in August, at which level they are likely to remain for a significant length of time - probably around a year. The Chief Economic Adviser to the Item Club, Peter Spencer, warned that consumers will "simply have to learn" to reduce their debt-funded expenditure in response to higher prices and mortgage payments. Inflationary Pressures Continue To Grow New figures from the Office of National Statistics (ONS) have revealed that the economy is continuing to grow robustly - for the 60th consecutive quarter. While this is undoubtedly good news, less positive is the fact that this will be the 6th quarter in which economic growth has exceeded its long-term average. Many economists believe this could cause members of the Bank of England's Monetary Policy Committee to act to prevent further inflationary growth - possibly bringing forwards the next rise in interest rates, as has recently been forecast by Ernst & Young's Item Club. |
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