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Loan protection: Base rate will remain until Q3

The current base rate of 0.5 per cent will remain until the third quarter of 2011.

That is according to Jeremy Cook, chief economist at World First, the UK's fastest growing foreign exchange broker.

Mr Cook claims that the base rate will remain unchanged despite pressure being put on the Monetary Policy Committee (MPC) to raise them.

He said: "I still believe they will hold off until Q3 in order to avoid snuffing out the economic recovery. The austerity measures that the government are due to enact over the coming months will see some of these inflationary pressures dissipate."

Mr Cook added that the "inflation picture will soften" as the UK heads through to the second half of 2011.

The MPC voted to maintain the official Bank Rate paid on commercial bank reserves at 0.5 per cent on January 13th. It is due to meet again this week to discuss the official bank rate.

John Fieldman

Having worked in the city for 19 years, John's main focus is interest rates and corporate finance.

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