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Steep rate cuts forecast by economists
Experts are predicting further big cuts to interest rates from the Bank of England.Simon Rubinsohn, chief economist at the Royal Institution of Chartered Surveyors, said that he expects the Bank to cut its official rate to 1.5 per cent on Thursday.
Meanwhile, Arek Ohanissian, economist at the centre for economics and business research, suggested that the rate could be slashed to just 0.5 per cent by the end of the year.
Currently, the rate is at two per cent, its lowest level for 57 years.
The Bank has taken it down by 300 basis points three per cent since October 2008, due to the economic downturn.
Mr Ohanissian said: "We are thinking that [the rate will be] taken down, by the end of the year, to half.
"The economy isn't going to get any better between now and then so the Bank is going to need to do something."
Mr Rubinsohn added: "The cut will be driven by continuing deterioration in the economic news flow - weak retail sales, falling house prices, job cuts and the inability of businesses to access bank finance."
Moneyextra.com recommends you take independent financial advice before acting on any article
Back2009-01-07 12:35:57 © Moneyextra.com
Loans - Top Picks
| Unsecured Loans |
| Barclays Bank - Existing Customer Barclayloan Plus Funded | ||||
Barclays Bank
|
Monthly Payment |
Representative APR |
Rate Type |
Total Payable |
| £386.94 | 6.2% | Fixed | £23,216.38 | |
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Representative example: based on a loan of £20000 Representative APR 6.2% Fixed. Total amount repayable £23,216.38 at £386.94 per month for 60 months. |
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| Barclays Bank - Existing Customer Barclayloan Plus | ||||
|
Monthly Payment |
Representative APR |
Rate Type |
Total Payable |
| £419.82 | 9.9% | Fixed | £25,188.92 | |
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Representative example: based on a loan of £20000 Representative APR 9.9% Fixed. Total amount repayable £25,188.92 at £419.82 per month for 60 months. Find a cheaper offer and Barclays Will Pay the Difference |
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| HSBC - Existing Customer Personal Loan | ||||
|
Monthly Payment |
Representative APR |
Rate Type |
Total Payable |
| £419.82 | 9.9% | Fixed | £25,188.92 | |
|
Representative example: based on a loan of £20000 Representative APR 9.9% Fixed. Total amount repayable £25,188.92 at £419.82 per month for 60 months. Find a cheaper offer and Barclays Will Pay the Difference |
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| Nationwide Building Society - Personal Loan | ||||
|
Monthly Payment |
Representative APR |
Rate Type |
Total Payable |
| £419.82 | 9.9% | Fixed | £25,188.92 | |
|
Representative example: based on a loan of £20000 Representative APR 9.9% Fixed. Total amount repayable £25,188.92 at £419.82 per month for 60 months. Advertised rate for main FlexAccount customers only, other options available. |
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| Secured Loans |
| Blemain Finance - Secured Loan | ||||
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Blemain Finance
|
Monthly Payment |
Representative APR |
Rate Type |
Total Payable |
| £333.33 | 0.0% | Variable | £20,000.00 | |
|
Representative example: based on a loan of £20000 Representative APR 0.0% Variable. Total amount repayable £20,000.00 at £333.33 per month for 60 months. |
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| Blemain Finance - Secured Loan | ||||
|
Blemain Finance
|
Monthly Payment |
Representative APR |
Rate Type |
Total Payable |
| £333.33 | 0.0% | Variable | £20,000.00 | |
|
Representative example: based on a loan of £20000 Representative APR 0.0% Variable. Total amount repayable £20,000.00 at £333.33 per month for 60 months. |
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| Blemain Finance - Secured Loan | ||||
|
Blemain Finance
|
Monthly Payment |
Representative APR |
Rate Type |
Total Payable |
| £333.33 | 0.0% | Variable | £20,000.00 | |
|
Representative example: based on a loan of £20000 Representative APR 0.0% Variable. Total amount repayable £20,000.00 at £333.33 per month for 60 months. |
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| Willows Finance - Good Credit | ||||
|
Monthly Payment |
Representative APR |
Rate Type |
Total Payable |
| £419.82 | 9.9% | Variable | £25,188.92 | |
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Representative example: based on a loan of £20000 Representative APR 9.9% Variable. Total amount repayable £25,188.92 at £419.82 per month for 60 months. Low Rate, Cheap, Secured Homeowner Loan |
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