/24-7PressRelease/ - LONDON, UK, August 06, 2007 - It is widely expected that the Bank of England will adopt a wait-and-watch policy before going for a further rise in the base rate of interest.
The Bank of England's Monetary Policy Committee (MPC) prefers to assess the effects of previous decisions before deciding its future course of action. Back-to-back rate rises are rare and the BoE has raised rates in two of the last three months.
Echoing the same thoughts, Philip Shaw, chief economist at Investec said: "The committee has raised rates in two of the past three months which makes a hike this time very unlikely. Recent volatility in credit markets is another good reason for the committee to keep rates on hold."
'No change' verdict would be good news for the homeowners who have already taken out secured loans or who want to take secured loans in the near future. Kevin Hawkins, director of the British Retail Consortium said: "Retailers need the Bank of England to pause for breath, not pile more pressure onto consumers."
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