5 August 2005
As an increasing number of people are being approved for loans, and the economy is looking more promising, a further cut in interest rates is looking less and less likely.
This is the attitude of the chief economist for Barclays Capital, who, speaking to the BBC, has predicted that there will be no more rate cuts in the near future.
With the economy already on the up, he believes there is no pressing need for the Bank of England to intervene.
David Hillier told the Six O'clock News:
"We are seeing real signs of life in the economy now. We are seeing housing mortgage approvals pick up, we are seeing retail sales pick up and we are seeing consumer confidence pick up so I think that this is the last cut in this cycle."
Financial expert Colin Jackson, also speaking on the programme, advised viewers on what measures to take to compensate for the drop in income levels that today's 0.25 per cent cut will cause.
"What we are saying now is to lock into a fixed rate saving for two or three years and secure a level of income for the future", he said.
Compare secured and unsecured loans at uSwitch. Find the most suitable loan for you.
© 2008 Adfero Ltd
Content for the uSwitch.com market news service is provided by a third party, Adfero Ltd. Whilst uSwitch.com makes reasonable efforts to check the reliability of this content, uSwitch.com does not guarantee the accuracy thereof or endorse the views or opinions given by Adfero Ltd, unless expressly stated otherwise.