6 July 2005
Credit card holders and those seeking cheaper personal loans could be in for a bonus as the Bank of England prepares for its monthly interest rate meeting.
The bank's Monetary Policy Committee (MPC) will sit this week to discuss whether to change the base rate, affecting loan providers across the UK.
Speculation is growing that a rate cut may be in order, with business and retailers pointing to a slowdown in consumer spending that they say needs to be tackled.
Sir Digby Jones, head of the CBI, has added his voice to those calling for a cut amid what he termed "troubling signs".
"There seems little risk of inflation, the time for action is now," he declared.
The rate currently stands at 4.75 per cent, as it has done for the last 11 months.
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