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    /24-7PressRelease/ - LONDON, UK, November 16, 2006 - The BoE's monetary policy committee has confirmed the increase in base rate of interest from 4.75 per cent to 5 per cent.

Existing customers who have taken personal loans may now find it more difficult to repay their debts.

While some condemned the move, others termed it as a step in the right direction.

Condemning the move, Liberal Democrat Vincent Cable said that people were now facing a three pronged attack - from rising interest rates, rising unemployment and record levels of personal debt. Trevor Williams, chief economist at Lloyds TSB responded by saying that it was best to act early to keep inflation in check, rather than having to act later and do more.

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