9 September 2005
The Bank of England's (BoE) decision not to alter the baseline rate of interest is likely to mean that any lowering of interest rates on loans products is unlikely.
The decision, reached yesterday, means that there will be no change to the current interest rate of 4.5 per cent, and that loans providers will probably not improve their offers substantially.
RICS chief economist Milan Khatri commented: "This month's decision by the Bank of England, announced today, to leave interest rates unchanged at 4.5 per cent is not a surprise, following on the heels of their split decision to cut interest rates in August.
"RICS does not believe a further interest rate cut is necessary at this point, though obviously this may need to be reassessed if the recent oil price spike knocks economic activity."
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