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Bank charges: Interest rate hike in 2011 'likely'

It is likely that the Bank of England (BoE) will increase interest rates this year, an expert has said, which may come of interest to those looking to avoid bank charges.

According to James Roberts, director at Pure, a company that specialises in providing foreign exchange and international payment solutions, there will be one rise in interest rates this year.

He said: "I'm going to stick my neck out and say there will be one rate rise.

"I actually think the UK economy is doing alright and we'll see better signals of that towards the end of the year. Once those signals come through the BoE are going to have to start raising rates because inflation at that point will still be pretty high."

Mr Roberts added that, unlike the European Central Bank, the BoE will increase rates based on economic performance rather than inflation levels.

The BoE's Monetary Policy Committee voted to keep the official bank rate at 0.5 per cent on July 7th.

John Fieldman

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

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