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Further rate cuts 'will come next week'

Further rate cuts 'will come next week'

Category: Loans

Updated: 28/11/2008
First Published: 28/11/2008

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Experts have unanimously predicted that the Bank of England will introduce further interest rate cuts next week.

A poll of 11 economists by Adfero found that each one expected a reduction in the base rate - with the anticipated extent ranging from 0.5 per cent to one per cent.

Senior economist at the Centre for Economics and Business Research Charles Davis explained that although another dramatic cut may come, the monetary policy committee may prefer to retain that option for the coming months.

He said: "It's a question of will they really try to kick start things or will they take a bit more of a gradual approach and try to keep some firepower in the locker?"

Any cut by the Bank could see rates fall for those seeking secured and unsecured loans.

The decision earlier this month to drop the base rate to three per cent represented a 1.5 per cent cut.

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