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Loan Protection: Base rate likely to be frozen until mid-2011

The interest rate is unlikely to increase over the next 12 months, according to an expert.

Earlier this month, the Monetary Policy Committee voted to keep the base rate at its historically low of 0.5 per cent for the eighteenth consecutive month.

Darren Cook, head of press and PR at moneyfacts.co.uk, said that the upcoming cuts to public sector spending means the Bank of England is unlikely to raise interest rates in the "next year or so".

"Simply, can the economy afford [for] interest rates to go up at the same time when there are so many cuts to public spending? The answer is probably not," he said.

Despite this, research from Santander Savings revealed that 68 per cent of Britons expect the interest rate to rise in the next year, while 25 per cent of respondents aim to increase the amount of money that they save each month.

Rather than increase rates, the Bank of England is likely to continue putting liquidity into the economy as a way to control inflation, Mr Cook added.

Posted by Charles Baker

Charles is a reputed financial analyst with almost decades of experience under his belt. ADNFCR-2776-ID-800084833-ADNFCR



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