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PPI Claim News - 29/6/2010

PPI: Interest rates still 'need to rise' despite budget

Interest rates still need to rise despite the tough cuts announced it last weeks budget, it has been claimed.

Last week, Andrew Sentance, Bank of England Monetary Policy Committee member, voted to increase rates to 0.75 per cent from their current rate of 0.5 per cent.

It was the first time in two years that a member of the body voted for any rise in rates - a call which shocked the markets.

Mr Sentance has not changed his view following the budget as financial cuts were largely expected.

He told Reuters. "I don't think it changes my view, partly because the tightening put forward in the budget is not far off expectations before the budget."

The Bank of England is not predicted to start raising rates until 2011, with Sentance expecting increases to be gradual in a fragile economy.

"I think there is a risk if you start tightening sharply you risk knocking back private sector confidence, which is the last thing I would want to do," he told the news provider.

Posted by Amir Hussain

Amir specialises in personal loans, consumer debt and debt management.ADNFCR-2776-ID-19864289-ADNFCR

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