Barclays expert predicts further base rate cuts

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Barclays expert predicts further base rate cuts

A financial expert from Barclays Bank has predicted that the base rate will fall further this week following the meeting of the Bank of England's monetary policy committee (MPC).

The MPC, which began its monthly meeting today, is expected to announce a cut of 0.5 per cent on Thursday, according to Barclays' analyst, adding to the three per cent reduction in the base rate since November.

It is hoped that further cuts will stimulate the loans market as key economic indicators and business figures from the fourth quarter of 2008 currently paint a bleak picture.

Barclays' analyst said: "The UK economy contracted by 1.5 per cent in quarter four of 2008 - its weakest performance since 1980. We now expect the Bank of England to cut rates close to zero by mid-year."

The base rate is currently 1.5 per cent, its lowest level for 300 years.

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