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Loan Protection: MPC member warns interest rates could hit 5%

A member of the Monetary Policy Committee (MPC) has warned that the rate-setting body wants interest rates to rise to five per cent.

In an interview with The Daily Telegraph, Paul Fisher revealed that officials are looking to increase the base rate ten-fold from its current historically low rate of 0.5 per cent.

"We hope people are aware that interest rates at some point will go up again and that they will head back to a normalised position," he told the news provider, adding that this would be at around five per cent.

"What we need to do is to trigger the mindset in people that that's where rates will eventually go back to," he said.

Mr Fisher added that the MPC would not be looking to increase rates at such a speed as to provoke a negative reaction and they will only do so when the economy is strong enough.

At their latest monthly meeting, the MPC voted to once again freeze interest rates and declined pumping more money into the economy via the government's quantitative easing programme.

Posted by Charles Baker

Charles is a reputed financial analyst with almost decades of experience under his beltADNFCR-2776-ID-800310405-ADNFCR

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