/24-7PressRelease/ - LONDON, UK, January 14, 2007 - In a significant move, the Bank of England has again lifted the interest rates. Though the hike was expected before, the analysts were not expecting it so soon. After this hike, rate of interest has become 5.25 %, which is a rise of quarter points. The rate has been the highest in the last five years.
The Bank is expecting the rise in the consumer inflation. There is also a view that the inflation figures may rise above the government's inflation target of 2 %. Therefore, the Bank of England wants to have the inflation and the prices of the house to be checked.
People, who will be going for personal loans, will have to pay a greater amount in terms of repayments. It is expected to be difficult for loan seekers, with the elevated instalment amounts. Whether it is secured personal loans or unsecured loans, personal loan seekers may have to suffer the heat of the hike in interest rate.
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