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PPI claim: Interest rates stay at 0.5%

The Monetary Policy Committee (MPC) has voted to hold interest rates at their historically low level of 0.5 per cent.
The rate-setting body has also elected to keep the Asset Purchase Programme at £200 billion.

Barry Naisbitt, chief economist at Santander UK, expressed his belief that interest rates would be frozen for some time despite high rates of inflation.

He said: "Inflation is expected to persist over two per cent for some time and as the economic recovery builds the argument for starting to normalise rates is likely to become stronger, especially to prevent inflation expectations rising.

"But given the economic backdrop it looks as if rates will continue to be exceptionally low for some time yet."

In June, MPC member Andrew Sentance called for rates to be increased to 0.75 per cent in a bid to keep inflation in check.

Interest rates have been frozen at 0.5 per cent for 16 consecutive months.

Posted by Jennifer Haines

Jennifer's speciality knowledge is credit card changes and balance transfers. ADNFCR-2776-ID-800000937-ADNFCR

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