Current account interest rates unlikely to increase, says Nationwide

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Current account interest rates unlikely to increase, says Nationwide

Nationwide has predicted that interest rates are likely to remain at the level they are currently at for the remainder of the year.

Martin Gahbauer, chief economist at the banking institution, made his comments after the Bank of England's official inflation report was published.

He noted that the "pessimistic forecast" by the financial organisation does not come as a surprise, since it takes into account the austerity measures announced in the emergency Budget.

In his view, the document does not show a strong likelihood that the UK will fall back into recession, with the pace of economic recovery appearing to be generally robust.

The Bank of England's Monetary Policy Committee (MPC) will next vote on the decision as to whether to alter the base rate on September 9th 2010.

Mr Gahbauer added: "The recent softening in many survey indicators - including this morning's sharp fall reported in Nationwide's Consumer Confidence Index - certainly supports the MPC's more cautious assessment of the UK's economic prospects."

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