Interest rate cut forecast by expert
Borrowers of mortgages for professionals should expect UK interest rates to fall to at least one per cent by February, an expert has said
According to Mark Dampier, head of research at private investment services firm Hargreaves Lansdown, the prospect of deflation caused by falling oil prices might also affect the UK economy in 2009.
Mr Dampier noted that last month, interest rates were cut dramatically by 33 per cent and further reductions in the base rate would be even more unprecedented.
You have to go back to the early 1950s to find a time where UK interest rates were at two per cent, he said.
"They have not been one per cent ever in this country, or not since the Bank of England was formed in 1694," Mr Dampier added.
He added that savers could be in for a "real shock" when interest rate decisions are announced in the early stages of next year.
After cutting rates by 1.5 per cent to three per cent last month, the Bank will reveal its interest rate decision for December on Thursday.
Mortgages for Professionals provides expert mortgage advice for high earning professionals on over 30,000 mortgage types.
According to Mark Dampier, head of research at private investment services firm Hargreaves Lansdown, the prospect of deflation caused by falling oil prices might also affect the UK economy in 2009.
Mr Dampier noted that last month, interest rates were cut dramatically by 33 per cent and further reductions in the base rate would be even more unprecedented.
You have to go back to the early 1950s to find a time where UK interest rates were at two per cent, he said.
"They have not been one per cent ever in this country, or not since the Bank of England was formed in 1694," Mr Dampier added.
He added that savers could be in for a "real shock" when interest rate decisions are announced in the early stages of next year.
After cutting rates by 1.5 per cent to three per cent last month, the Bank will reveal its interest rate decision for December on Thursday.
Mortgages for Professionals provides expert mortgage advice for high earning professionals on over 30,000 mortgage types.
