Bank of England freezes UK interest rates
www.moneynews.co.uk > General finance > Bank of England freezes UK interest rates
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Money News |
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Bank of England freezes UK interest rates
Fri 8th Apr 2005
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The rate freeze was predicted by analysts across the board, however a rate hike is expected as early as next month. Howard Archer, chief UK economist for Global Insight, said: "A quarter-point rate hike as early as May is still a distinct possibility."
Other experts though have expressed a concern over the dangers of an increase over the coming months. David Bexon, SmartNewHomes.com's chief executive, said: "Prices are now stable across the country with some areas seeing a drop in values. Our fear is that a further rise, as predicted by some economists and hinted at by the split in votes at the last committee, could be the catalyst to a serious downturn in the market."
Prior to the eight month long rate freeze, the MPC raised rates four times leading to a slowing in the housing market and adding approximately £1,000 to the cost of the average mortgage.
Related News : General finance |
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Related News : Mortgages |
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