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Bank Loan: Interest rates predicted to stay at 0.5%

Interest rates are unlikely to rise this month, according to a leading economist.

The Monetary Policy Committee (MPC) is due to hold its monthly rate-setting meeting tomorrow (9th December), with members due to vote on the base rate and whether to add to the government's quantitative easing (QE) programme.

Andrew Goodwin, senior economic advisor to the Ernst & Young ITEM Club, believes that the MPC will keep interest rates on hold at this month's meeting, meaning that the low rate of 0.5 per cent will continue.

"The data has played pretty much as I think the committee were expecting, over the course of the last month or so," he said.

According to Mr Goodwin, rates could remain low for the foreseeable future.

"The key is that because the fiscal policy tightening is going to be so severe over the next three or four years, the MPC is going to have to keep monetary policy pretty loose to try and offset the dampening effects of the tightening policy," he added

Last month, the MPC voted to keep rates at 0.5 per cent, a rate that has stood since March 2009.

Posted by John Fieldman

Having worked in the city for 19 years, John's main focus is interest rates and corporate finance ADNFCR-2776-ID-800280493-ADNFCR

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