Press Release Summary = As per the reports, till now, interest rates are static. Interest rates have not changed for the last twelve months. On the other hand, some alterations would be done in the cost of borrowing to keep the inflation rate within the government's target of two per cent. However, house prices are continuously rising.
Press Release Body = London (loans-park) August 3, 2006: According to the Bank of England's interest rate setting Monetary Policy Committee (MPC), the interest rates would stay at hold at 4.5 per cent for the month of August. However, MPC have been consistently varying the primary cost of borrowing to keep the inflation under control to achieve government's two per cent target.
Howard Archer, chief UK economist with the Global Insight consultancy quoted that \"A split vote within the MPC seems highly likely on Thursday, and we do now expect the Bank of England to raise interest rates by 0.25 per cent before the end of the year (probably in November) as a modest precautionary measure aimed at containing medium-term inflationary pressures."
Last month the committee decided to keep rates on hold, but it seemed as if it would increase the interest rates in August. Well, there is every possibility that interest rates might be changed in this month. Increase in interest rates would affect every loan seeker looking forward to avail a business loan, a secured loan, an unsecured loan etc.
In contrast, house prices are consistently rising. Earlier, in June, rise in fuel bills pushed the inflation by 2.5 per cent above the government's target.
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