CML: Interest rate cut would have been welcomed
www.moneynews.co.uk > Housing market > CML: Interest rate cut would have been welcomed
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Money News |
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CML: Interest rate cut would have been welcomed
Thu 8th May 2008
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Commenting on the Bank's decision to rates at five per cent, Michael Coogan stated that it "had an opportunity to act to anticipate the worsening economic environment today and it is disappointing that there has been no change".
He suggested that the mortgage and housing market will continue to be "challenging" for the rest of this year, but said that the majority of borrowers are dealing with the situation and have remained largely unaffected.
For those that are in financial strife, Mr Coogan recommended that they contact their lender or a debt advisor sooner rather than later.
The Bank's decision to hold rates did not come as a big surprise to most people as the majority of analysts, such as those polled by Reuters, had predicted such an outcome.
It is now expected that interest rates will be cut in June, in line with a recent trend for bi-monthly reductions.
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