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Bank charges: Interest rates 'unlikely to rise'

Britons who have been hit by high bank charges are unlikely to benefit from high saving returns in the near future as interest rates are set to be frozen once again.

That is according to Andrew Goodwin, senior economic advisor to the economic forecasting group Ernst & Young ITEM Club, who claimed that the chances of an increase in interest rates next week are "little more than zero".

He said: "There are genuine concerns about the weakness of activity and those concerns are likely to win out over any worries about inflation until we see some signs that momentum is beginning to build."

Mr Goodwin maintained that stronger signs of activity are expected over the second half of this year and any talk of further quantitative easing "would appear to be premature at this stage".

Latest research from the Worldwide Property Group confidence tracker survey carried out in May revealed a 20 per cent drop in respondents expecting interest rates to rise. 

Charles Baker

Charles is a reputed financial analyst with almost decades of experience under his belt.ADNFCR-2776-ID-800602711-ADNFCR

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