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UK Interest Rates Forecasts and Predictions for Home and Property in the UK at 8 6 2007
| UK Interest Rate: 5.5% UK Interest Rates Forecast: Likelihood of further rise in next 3 months Inflation Starts To Fall The Bank of England's latest inflation report, published this week, shows that the government's preferred CPI measure of inflation has dropped from 3.1% in March to 2.8% in April. RPI inflation, which includes interest on mortgage payments, also dropped – from 4.8% in March to 4.5% - although this is still higher than most other Western European countries. The Bank has indicated that its top priorities are goods price inflation and upwards pressure on wages, both of which are still a concern. It is expected that as last year's high energy prices gradually fall out of the inflation calculations, CPI inflation will continue to fall, although analysts are divided over whether this will be sufficient to reduce CPI inflation to its 2% target. Bank Governor Confirms Further Rises Likely In a statement following the publication of the latest quarterly inflation report by the Bank of England, Governor Mervyn King has confirmed that a further increase in interest rates is likely, commenting that, "The path of interest rates assumed in this projection anticipates a further rise in the bank rate." Lenders Adjust Their Standard Variable Rates In the wake of last week's interest rate rise, most of the UK's largest mortgage lenders have been quick to adjust their standard variable lending rates upwards. Most lenders have opted for a 0.25% increase, although some have opted to increase their SVR buy as much as 0.45%. Unsurprisingly, banks have been much slower to announce increases to savings rates, with more than half yet to announce a decision and some lenders opting not to pass the full 0.25% increase on to all their savers. |
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