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Loan reclaim: BCC expects no rise in rates until 2011

Interest rates will not rise until spring 2011 at the earliest, according to the British Chamber of Commerce (BCC)

The influential trade body claimed that rates should stay at their historically low rate in order to stop a potential double dip recession.

David Kern, chief economist at the BCC, expected rates to rise until the tough cuts in last month's Budget were announced.

He said: "I think this is now less likely. I think we will now see the first increase in the early months of 2011. I hope even this will be pushed further back.

"More and more my mind is moving towards the second half of 2011 at the earliest."
The BCC's latest quarterly survey of 5,600 firms revealed that the UK economy is predicted to grow by 0.6 – 0.7 per cent in the three months to the end of June.

However, "sluggish growth" in Britain's service industry has led to an "underlying weakness" in the economy – and the BCC's prediction.

Posted by Charles Baker

Charles is a reputed financial analyst with almost decades of experience under his belt. ADNFCR-2776-ID-800000336-ADNFCR

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