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UK Interest Rates Forecasts and Predictions for Home and Property in the UK at 9 11 2007
| UK Interest Rate: 5.75% UK Interest Rates Forecast: Rate cuts remain unlikely before 2008 It's the Bank of England Monetary Policy Committee's monthly interest rate setting meeting next week - so what's likely to happen? Unsecured Borrowing A Little Too Healthy At Present? Unsecured personal borrowing (i.e. personal loans and credit cards) rose in September by £1.35 billion, according to new figures this week. This is an increase of £250 million on August and suggests that Britons may be resorting to 'easy' credit to compensate for relatively weak earnings growth. The BoE Monetary Policy Committee may see this as rather too inflationary and an indicator that the time is not yet ripe for a cut in interest rates. Howard Archer, of Global Insight, commented that "Significantly higher mortgage lending and consumer borrowing in September is not conducive to an interest rate cut". Many other analysts agree and do not expect to see a cut in interest rates this side of Christmas. Bank's Barker Continues To Play Down Rate Cut Chances One of the known 'swing voters' on the Bank of England's Monetary Policy Committee, Kate Barker has recently made a string of comments which seem to suggest that she will not vote for interest rate cuts in the near future. Her most recent statement came on a trip to the Channel Islands. Barker said that "We [the MPC] are asking ourselves if things are so different from August and do we actually have to cut rates?" These comments, combined with economic evidence of inflationary pressures, seem to make it very unlikely that the MPC will vote to cut interest rates at their November meeting on the 7th and 8th of November. |
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