Interest rates may not go up until autumn

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Interest rates may not go up until autumn

Tue 20th Apr 2010

The Bank of England may decide not to put interest rates up until autumn, according to a sector commentator, who also suggested educating people more about their finances.

Moneymagpie.com founder and television and radio presenter Jasmine Birtles highlighted how schools are starting to teach children about money, but adults also need help.

In her opinion, the government is in a difficult position in terms of trying to get people to save money and may need to make it harder for people to borrow if it is going to stop people from just taking out a loan to pay for what they want.

She claimed that this would force people to have to save rather than simply incentivise saving by pushing up interest rates.

"I think the Bank of England does want to put interest rates up as soon as it can, but I don't think it will be until the autumn," Ms Birtles stated.

The recent Nationwide savings index showed a small uplift of three points from 91 in February to 94 in March.

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