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UK Interest Rates Forecasts and Predictions for Home and Property in the UK at 9th February 2007
| UK Interest Rate: 5.25% UK Interest Rates Forecast: Further 0.25% rise likely at some point this year Will Interest Rates Rise Again in February? With January's surprise interest rate rise still fresh in many people's minds, the Bank of England's Monetary Policy Committee met again on the 2nd February to review the data they will use to help them decide whether to raise rates again this month or not. Some of the things they will consider are economic growth – up 0.8 per cent in January, the latest data on wage rises and of course the newest inflation data. The outcome isn't obvious, so we've gathered together a host of expert predictions to see what seems most likely. National Institute of Economic and Social Research NIESR are one of Britain's longest-established economic research groups, basing their work on statistical projections of the UK's economy. They believe that at least one further rate rise to 5.50 per cent is necessary to bring inflation back to target, with the possibility of a third rise to 5.75 pc in the second half of this year. In a recent interview, NIESR senior research Ray Barrell said that "Hopefully the January hike plus one more (rate increase) will be enough" and added that in NIESR's view, the Bank of England should have raised rates by a half percent in November, rather than just a quarter percent, as such an increase may have reduced the need for continued rises this year. Roger Bootle – Economic Advisor to Deloitte One of the leading economics experts in the UK, Bootle believes that one further rate rise is likely in 2007, but that by the end of 2008 rates will have fallen back to 4.5 per cent. Howard Archer – Global Insight A senior economic analyst at consultants Global Insight, Archer believes that, "there is a very real risk that they will rise higher still." |
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