04-09-2007
Interest rates expected to stay on hold
Interest rates are expected to remain on hold this month, according to experts.
According to reports, a recent poll of economists by Reuters has found the belief that interest rates will remain static this month to be held unanimously.
The Reuters poll was conducted using a panel of 61 economists.
"Events since the August meeting seem most unlikely to have pushed the [monetary policy committee] any nearer to raising interest rates again," said Howard Archer, the chief economist for the UK at Global Insight.
"Indeed if anything, they have diluted the case for an interest rate hike, at least in the near term," he added.
It is believed that a hold on interest rates may be in-part caused by the recent volatility in the world's financial markets.
Interest rates in the UK are currently 5.75 per cent.
The news will come as a relief to homeowners and landlords, especially those on variable rates.
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