(1888PressRelease)
May 15, 2007 - (ask4loan) The Bank of England raised the base rate of interest by another quarter of a percentage, taking it to 5.5 per cent. Earlier, in February, the rate was increased from 5 to 5.25 per cent. This is the first hike since the last increase in interest rates this February.
The move was widely expected as the Bank tries to control the inflation and tone down the consumer spending. This might be a good development for the savers but people seeking personal loans may have to shell out extra interest.
The interest rate rise means higher bills for the homeowners; adding £16 a month on an average to a £100,000 mortgage. Some experts say that the possibility of another interest rate rise in the coming months could not be discounted.
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