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Payment protection: Interest rate rises 'expected'

Consumers seeking payment protection refunds may be interested to hear that an expert has said interest rates will increase over the coming year.

Peter Hensman, global strategist at Newton, was commenting on the Monetary Policy Committee's decision to keep interest rates at 0.5 per cent.

He said: "BoE survey data is now starting to show figures which, in any other circumstances, would have led to interest rate rises. Meanwhile, the minutes of January's meeting showed a clear shift towards the need to control inflation, rather than underpin growth.

"Against this backdrop, interest rate rises seem inevitable, and we would expect a number of rate increases this year."

Mr Hensman added that markets are expecting rates at 1.5 per cent in 2011 and 2.5 per cent next year.

Two members of the MPC, including Andrew Sentance, are now calling for interest rates to be increased.

John Fieldman

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

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