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PPI reclaim: Interest rates could be frozen until 2014

Interest rates could be frozen at their current rate until 2014, it has been claimed.

In March 2009, The Bank of England cut interest rates to just 0.5 per cent – an historically low rate which has not been changed since.

Low interest rates may be welcomed by home-owners as mortgage repayments fall, but many savers have been hit by poor returns on investments.

Peter Spencer, chief economic adviser to Ernst & Young's Item Club, an independent economic forecasting group, claimed the base rate would have to remain unchanged in order to offset the effects of government cuts.

He said: "A base rate of 0.5 per cent will begin to look like the new normal. I have no doubt that if the Bank does raise rates, it will then be forced to reduce them."

Maintaining low interest rates could help boost the growth of economy and encourage consumer spending, according to Mr Spencer.

Posted by Jennifer Haines

Jennifer's speciality knowledge is credit card changes and balance transfers. ADNFCR-2776-ID-800005804-ADNFCR

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