/24-7PressRelease/ - LONDON, UK, August 14, 2006 - In the wake of prediction that another rise on interest rate is on the cards, Bank of England has come out with clarification. Governor of Bank of England, Mervin King moved to dampen the prediction that another rise on interest rate is in the offing.
This clarification will work as a consolation for many borrowers of mortgages and personal loans in UK. Rise on base rate of Bank of England influences the whole mortgage and loan market. The Governor's clarification will be a weight off the heart of the borrowers.
Earlier report from Bank of England revealed that interest rate might rise, as inflation in the UK had not reached to the peak. Mr King clarified and declared that outlook for inflation was more uncertain in May. That is why he opined that it could not be claimed with certainty that interest rate would rise in near future.
However, the Governor did not give any insight into the strategy of Monetary Policy Committee. He told that they had very clearly set out their approach. He added that the people who thought he would drop hints were breaking the wrong tree to which he did not agree.
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