Lloyds TSB: Higher interest rates predicted by consumers

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Lloyds TSB: Higher interest rates predicted by consumers

Lloyds TSB has conducted a survey which reveals that a growing number of consumers are predicting that interest rates will rise before the end of the year.

The monthly consumer barometer poll, conducted by Lloyds TSB corporate markets, found that 24 per cent of survey respondents believe that interest rates will rise in the next year - an increase of four per cent on the previous month's figures.

Trevor Williams, chief economist at Lloyds TSB corporate markets, said that predicting higher rates is "not a bad thing" as it will mean consumers are better prepared when rates do rise.

However, he added that although "consumers increasingly believe the low rate environment won't last for long […] the financial markets expect the record low interest rates to remain in place for some time".

The Bank of England cut interest rates again last week, reducing them to an all-time low of one per cent.

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