Interest rates will be frozen at their historically low rate for the rest of the year, according to an expert.The base rate is currently set at 0.5 per cent and the Bank of England's Monetary Policy Committee (MPC) is due to announce their monthly interest rate decision on Thursday (9th September).With inflation above the government's two per cent target there has been some speculation that the MPC will raise rates.However, Martin Bamford, chartered financial planner at Informed Choice, claims it would "be a big surprise to see a rate hike now".He said: "There is a real danger that a higher cost of borrowing could stifle economic recovery whilst doing very little to combat inflation, which already seems to be falling."Interest rates have been unchanged since March 2009 when the rate was halved from one per cent.Andrew Sentance is the only member of the MPC who has publicly advocated for an increase in interest rates.Posted by Charles BakerCharles is a reputed financial analyst with almost decades of experience under his belt.
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