Rates 'may not rise until mid-2013'

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Rates 'may not rise until mid-2013'

Wed 28th Sep 2011

Many people had expected rates to have risen in the UK over recent months, but the Bank of England is now unlikely to put up the base rate until mid-2013, it has been claimed.

Speaking at the BCSC Conference and Exhibition 2011, David Smith, economics editor at the Sunday Times, said the UK could be in for the long haul when it comes to the present level of record-low interest rates.

He commented: "The governor of the Bank of England Mervyn King's term expires in the middle of 2013 and I think there is a very good chance that interest rates won't have risen in his remaining time at the Bank of England."

According to the minutes of the Bank of England's Monetary Policy Committee meeting held on September 7th and 8th, members voted unanimously in favour of the bank rate being maintained at 0.5 per cent this month.

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