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Loan protection: Economy too fragile for interest rate hike

The economy is currently too fragile to withstand interest rate hikes, which may come of interest to those currently looking for loan protection.

Jeremy Cook, chief economist at World First, the UK's fastest growing foreign exchange broker, claims that there are a number of factors contributing to the unstable economy.

He said: "The jobs market is still weak, many homeowners are still underwater with mortgages and a mortgage rate increase is the last thing they need while small businesses are still crying out for low-cost funding."

However, Mr Cook added that although the latest growth figures from the UK showed a 0.5 per cent fall in GDP (gross domestic product), these were preliminary numbers.

He notes that more recent barometers have shown the economy has recovered from the issues caused by last season's snowfall.

Bank of England governor, Mervyn King, recently revealed in a letter to the chancellor that there is still a split about interest rate rises among the Monetary Policy Committee.

Jennifer Haines 

Jennifer's speciality knowledge is credit card changes and balance transfers. 


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