7 Apr

Interest rates 'will be cut'

Interest rates 'will be cut'

The base rate of interest is likely to be cut in the coming week by the Bank of England, it has been predicted.

Most of the respondents to a survey from the British Chambers of Commerce stated that they think the rate will have to be trimmed as companies are fearful of the present economic situation, reports Home Move.

In total, 75 per cent of respondents to the report said that they expect rates will be cut by 0.25 per cent, something that may impact on those with mortgages.

The report is due for release in the coming week, as the Bank's monetary police committee announces its latest decision.

Another poll carried out by Adfero last week saw the majority of those questioned forecast a cut to the base rate of interest.

Only analysts at Lloyds TSB and HSBC argued that rates will stay on hold at 5.25 per cent until May, when more inflation data will be available.ADNFCR-1222-ID-18540039-ADNFCR

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