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Bank charges: Interest rate hike 'unlikely'

An expert has said that an interest rate increase is "unlikely", which may be of interest to consumers worried about bank charges.

Andy Pratt, chief operating officer at independent mortgage advisors Alexander Hall, made these comments ahead of June's Monetary Policy Committee meeting.

He said: "I would have thought that we are very unlikely to see a rate change for quite a long time. We could be potentially into a situation of the record-low base rates that Japan had for a long time."

Mr Pratt's comments follow a report from Lloyds TSB, which said that if history repeats itself, once interest rates start to increase, it will rise several times over a short space of time.

He added: "It has to come through in reality and we have to see that, otherwise the rate will have to go up to protect inflation."

The MPC is due to meet today (June 9th) to vote on whether or not to increase 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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