PPI Claim News - 10/3/2011
Bank charges: Base rate to remain at 0.5%
The Bank of England's Monetary Policy Committee (MPC) voted to keep the base rate at 0.5 per cent today (March 10th), which may be of this interest to those experiencing bank charges.
This announcement means that the bank has now held its rates for over two years, with this being the 25th month that the bank has kept interest rates at 0.5 per cent.
Roger Bootle, economic adviser to Deloitte, reacted to the decision by saying he expects rates to increase in the coming month.
He said: "It is possible that, despite today's vote to leave policy unchanged, the hawks gained the support of another member. Accordingly, a rate rise within the next few months would hardly come as a shock.
"But raising rates now would just mean that it will take even longer for them to get back to 'normal' levels."
Mr Bootle added that if rates do rise, if his predictions are correct, they may well be reversed later.
Amir specialises in personal loans, consumer debt and debt management.
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