/24-7PressRelease/ - LONDON, UK, July 23, 2006 - There is some good news for those who are planning to borrow loan (personal loan or car loan). A report advised that interest rates are likely to remain unchanged until the end of the year. Accountancy and business advisory firm BDO Stoy Hayward advised that this would be the case despite the reality that consumer price inflation is recorded at 2.2% which is higher than Bank of England's 2% target.
There is some respite for those who are planning to borrow loans. A report suggested that interest rates look set until the year end. Accountancy and business advisory firm BDO Stoy Hayward advised that this will be the case despite the truth that consumer price inflation has crossed the target of Bank of England by 0.2%.An increase in interest rates can be expected with inflation above official target. The company also foresee an above average growth of 3.5% in the last quarter of 2006.
Peter Hemington, partner at BDO Stoy Hayward said that there were rumours about whether interest rates will increase in July to match inflation. They also predicted that MPC (Monetary Policy Committee) will simply observe the developments, not only this month but for the rest of the year of 2006. He further stated that this move will allow the committee to measure the full impact of latest fluctuations in the world market on the UK economy and monitor the value of the dollar.
Douglas Williams, chief executive of the centre for economic and business research, added that Bank of England has already witnessed volatile inflation this year, therefore, the chances of change of interest rates are unlikely and the pace of economic development over the next year remains unsure.
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