Lloyds responds to interest rate rise

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Lloyds responds to interest rate rise

Fri 8th Sep 2006

Lloyd's has predicted there will be another rate rise after the Bank of England’s monetary policy committee confirmed the interest rate would stay frozen at 4.75 per cent.

Chief economist at Lloyd’s TSB, Trevor Williams, said the move was expected, but warned there could be more difficult times ahead for borrowers.

"It’s no surprise that the MPC chose to hold rates this month having pushed them up only four weeks ago – but there’s almost certainly another rise on the horizon," he said.

Mr Williams said that the inflation figures released later this year would be critical.

"November’s inflation report is likely to have a crucial impact, only then will the MPC have a full assessment of economic conditions at their fingertips," he commented.

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