No change in interest rates

No change in interest rates

Monday, May 09, 2005

The good news for mortgage holders is that the Bank of England today announced interest rates were again fixed at 4.75%.

The monthly meeting of the Monetary Policy Committee was moved from last Wednesday & Thursday because of the general election.

The most recent change in interest rates was an increase of 0.25 percentage points to 4.75% on 5 August 2004. Economical commentators feel that global economic slowdown and weakened consumer spending mean further interest rate rises in the coming months are unlikely.

The Royal Institution of Chartered Surveyors (RICS) comments that although interest rate decisions are now largely free of political interference, tax rises on householders are increasingly likely.

RICS points out many commentators, such as the International Monetary Fund, believe the government budget deficit must eventually be filled by raising taxes. Possible tax rises on households at a time of only moderate growth will restrain increases in disposable income and so limit housing demand.

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