/24-7PressRelease/ - LONDON, UK, March 15, 2007 - The decision of the Bank of England's monetary policy committee (MPC) to keep interest rates at 5.25 per cent is declared as "widely expected" by Simon Ward, Chief Economist at New Star Asset Management. As suggested by him, the decision as to whether to raise or freeze the base rate would have been close.
Change in interest rate generally influences the personal loan and mortgage industry. Personal loan borrowers and mortgage holders without fixed-rate products are laden with bigger repayment sums. However, those with savings accounts usually get a financial boost.
Commenting on future rate rises, Mr Ward remarked that it was too soon to sound the all-clear. However, he expressed the view that a cooling economy and better inflation figures would head off another rate increase.
Chief Economist at financial services provider Abbey, Barry Naisbitt suggested that the majority of MPC members were waiting to establish what the effects of the last rate rise were.
He also said that the MPC would have weighed up the latest economic news and its implication for inflation. He further told that the two MPC members who had voted in favour of rates rise in February would probably have done so again.
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