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PPI: Welsh public expecting interest rate hike

Around two-fifths of people living in Wales expect interest rates to rise this year, according to a new report.

The Principality Building Society Saving and Spending Survey revealed that 44 per cent of the Welsh public expect rates to finally increase from their historically low rate of 0.5 per cent.

Almost a quarter predict rates will rise by 0.5 per cent, while 24 per cent believe that interest rates will stand at 1.5 per cent.

Graeme Yorston, chief operating officer at Principality Building Society, claimed the firm have seen an increase in customers taking out fixed-rate mortgages – indicating many consider rate hikes inevitable.

He said: "While there is growing speculation that the Monetary Policy Committee (MPC) will be forced to make at least a nominal increase in interest rates in order to control increased inflation over recent months, opinion does remain split, and the confusion only serves to further dent confidence in an ever fragile market."

It follows comments by MPC member Andrew Sentence, who called for rates to jump 0.25 per cent by the end of 2010.

Posted by Charles Baker

Charles is a reputed financial analyst with almost decades of experience under his belt. ADNFCR-2776-ID-800000335-ADNFCR

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