Bank 'unlikely to raise base rate'
Brits considering taking out a personal loan to help finance a home improvement could be buoyed by the latest comments from Informed Choice.
The cost of loans to help build bespoke conservatories should remain fairly competitive until at least the end of the year, with the company suggesting that the Bank of England is unlikely to make any change in its base rate.
Each month, the Bank's Monetary Policy Committee decides whether to increase or decrease the base rate of interest.
Its decision has a knock-on effect on loans and mortgages and Informed Choice chartered financial planner Martin Bamford explained that he would be very surprised to see any change for the foreseeable future.
There has been speculation that the Bank could raise its rate to help get inflation closer to the government's two per cent target.
However, Mr Bamford said: "There is a real danger that a higher cost of borrowing could stifle economic recovery whilst doing very little to combat inflation, which already seems to be falling."
Posted by Cheryl Stevenson
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