Interest rate 'will go down to 3.25% next year'

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Interest rate 'will go down to 3.25% next year'

The interest rate may be reduced to 3.25 per cent in 2009, it has been predicted.
Howard Archer, chief European and UK economist at financial information provider Global Insight, foresees an interest rate cut next month and possibly another before the year's end.
"Rates could well be down to 4.5 per cent by the end of this year and then down to 3.25 per cent next year," he said.
Currently, the interest rate is five per cent and has been since April 2008.
The next decision regarding interest rates will take place on October 9.
According to the latest figures from the Office for National Statistics, the Consumer Prices Index annual inflation was 4.7 per cent in August 2008.
This is up from 4.4 per cent in July.
The largest upward pressure was from housing and household services, which was put down to increases in gas and electricity prices.
Heating oil costs fell at a greater rate than last year, giving a partially offsetting effect.
ADNFCR-323-ID-18809377-ADNFCR

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