/24-7PressRelease/ - WATFORD, UK, October 07, 2006 - The expectations of an increase in rate of interest have been confirmed by Chancellor Gordon Brown. The chancellor while addressing a meeting of International Monetary Fund has confirmed hike in interest rates this year.
London (adverse-credit-debt-consolidation) October 05 2006: Chancellor Gordon Brown has put consumers and businesses on notice that the interest rate is almost certain to increase again before the end of the year.
While addressing the annual meeting of International Monetary Fund, the chancellor said that because of growth in Britain's economy, the Bank of England must keep inflation in check.
The Chancellor's comment has yet again confirmed expectations that the base rate of interest will be increased again in November, the highest in the last five years.
One of Gordon Brown's first moves while taking office as Chancellor was to give the authority to take interest rate decision to the Bank of England in his endeavour to keep politics and finance reasonably independent.
Yet, there are obvious connections like, the real estate price is believed to be a factor that the Bank of England does not take into account but, in actuality, it does.
Housing prices are showing no signs of a slowdown, in spite of the recent hike of 0.25 per cent in interest rates.
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