22-11-2007
Interest rates could be "falling soon"
News by Adfero for Simply Business - independent providers of business insurance, business finance, landlord insurance, buy-to-let mortgages & commercial mortgages.
The Bank of England's current rate of interest could fall within a short period of time, it has been claimed.
Drew Wotherspoon, a representative of advice firm John Charcol, believes that although the Bank appears to be adopting a waiting strategy, a number of analysts believe interest rates could fall over the course of 2008.
Presently, interest rates are set at 5.75 per cent. "Although nothing in life apart from death and taxes is certain, it looks likely that interest rates will be falling soon," said Mr Wotherspoon. "Many commentators expect at least a half a per cent fall by the end of 2008, with some saying more," he added.
Interestingly, the firm believes that current indicators point to the possibility of a fall in interest rates as early as January or February next year.
According to the recently published minutes of the last monetary policy committee meeting, the decision to keep interest rates on hold was voted for by a ratio of seven to two.