Lloyds TSB: Shoppers expect interest rate rises

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Lloyds TSB: Shoppers expect interest rate rises

Lloyds TSB has released research today which reveals that many shoppers are expecting interest rates to rise in 2009 despite market speculation that they will fall.

The survey showed that 40 per cent of Brits thought that interest rates would increase next year, in spite of the Bank of England's recent 1.5 per cent cut in the base rate.

According to Lloyds TSB 58 per cent of UK consumers still expected prices to be higher next year, ignoring the impact of the falling price of oil.

Trevor Williams, chief economist at Lloyds TSB Corporate Markets, said: "Despite market speculation that rates could fall even further on Thursday and next year, consumers still believe rates are set to rise. This will be of concern for the high street."

Last week the chancellor announced a 2.5 per cent cut in the rate of VAT, a move aimed at making it cheaper for shoppers to indulge themselves this Christmas.
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