Economic growth could have remortgage deals impact
www.moneynews.co.uk > Mortgages > Economic growth could have remortgage deals impact
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Economic growth could have remortgage deals impact
Thu 28th Apr 2011
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Official statistics revealed that GDP grew by 0.5 per cent during the first quarter of 2011, a rise that will no doubt be factored into the Monetary Policy Committee's (MPC's) thinking when it next meets to discuss the Bank of England's base interest rate.
Fear that the base rate would be raised from its current record low of 0.5 per cent in order to combat inflationary pressure has led a lot of people to switch their trackers for fixed-rate mortgages in recent months.
And signs of economic growth, following a contraction of 0.5 per cent in the final quarter of 2010, will increase the strength of the argument that the MPC needs to make a change.
Labour shadow chancellor Ed Balls, however, suggested the latest figure is not positive news for the economy, as it "is significantly lower than the Office for Budget Responsibility's most recent forecast".
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