Interest rate rise widely forecasted

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Interest rate rise widely forecasted

LONDON, UK - The Bank of England's Monetary Policy Committee is predicted to raise the base rate for borrowing later this week.

The MPC is scheduled to publish its quarterly forecast and is widely expected to put up interest rates by twenty-five basis points.

Reuters has carried reports finding that 43 out of 46 economists polled predicted a quarter point increase.

The level of borrowing is set to reach four per cent, as the Bank looks to draw back consumer spending.

Analysts forecast the Bank may increase the level of borrowing by one percentage point during 2004.

The European Central Bank is expected to keep rates at two per cent when it meets on Thursday.

The ECB's deliberations take place ahead of G7 gathering on Friday.

Interest rates are currently set at 3.75 per cent.

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