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Loan Reclaim: Interest rates 'unlikely' to change

The Monetary Policy Committee (MPC) is unlikely to increase interest rates, according to a leading economist.

On Thursday (July 8th), the MPC will meet to discuss the potential of a change in rates which have been frozen at 0.5 per cent for over a year.

Charles Davis, managing economist at the centre for economics and business research (cebr), claimed that the current economic climate of fiscal tightening means that "there is a fairly strong case to keep monetary policy looser for longer".

"If you look at the data the recovery is not robust yet, the recovery is in [play] but it is still at a relatively early stage and we still have got an unprecedented fiscal policy tightening coming almost immediately," he said.

It follows calls by MPC member Andrew Sentance to raise interest rates by 25 basis points over fears of inflation.

Meanwhile, Dr Martin Weale has been appointed to succeed Kate Barker as external member on the MPC.

The appointment will take effect in time for Dr Weale to participate in the August MPC meeting and the forecast round leading up to it.

Posted by Charles Baker

Charles is a reputed financial analyst with almost decades of experience under his belt. ADNFCR-2776-ID-800000610-ADNFCR

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