Interest rate 'will stay the same for the foreseeable future'

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Interest rate 'will stay the same for the foreseeable future'

The base interest rate is unlikely to change this year - or even next - according to one economic expert.

Mark Dampier, head of research at Hargreaves Lansdown, believes the Bank of England may not decide to move interest rates until signs of economic improvement are evident.

"I just don't see any chance of that for the foreseeable future, so I suspect at the moment we've probably got to wait five years," he said.

Mr Dampier claimed that by the time the Bank does eventually increase the rate, it may have to do so quickly as it will probably be "behind the curve".

The current base rate of interest is 0.5 per cent - the lowest it has ever been set in the Bank's history.

It was reduced by half a percentage point last month on account of factors such as lower output, falling consumer spending and continued problems in global credit markets.

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