Interest rate 'unlikely to change'

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Interest rate 'unlikely to change'

The interest rate is unlikely to change next week from its current level of five per cent, a poll has revealed.

An Adfero survey of eight economists and financial institutions has found that the unanimous feeling is one of a hold decision from the Bank of England's monetary policy committee (MPC) at its monthly meeting next week.

Howard Archer of Global Insight suggested that inflationary pressures have put the kibosh on any further rate cuts in the near future.

"With inflation likely to approach four per cent this summer … the Bank of England will tread extremely carefully on the interest rate path for the time being," he remarked.

However, one respondent, Zoe Stevens at Nationwide, stated that there is a 20 per cent chance of a 0.25 per cent rate cut in June.

A hold decision as reached at the MPC's two-day May meeting and the last reduction to the interest rate was made in April.
ADNFCR-323-ID-18617450-ADNFCR

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