Analysts backing base rate freeze
Analysts are expecting the interest rate to remain on hold when the Monetary Policy Committee (MPC) meets tomorrow.
At present the base rate stands at 5.75 per cent, but pressure has been building on the Bank of England to cut the rate amid signs of an economic downturn.
However, a poll of analysts suggests that the rate will remain on hold.
Speaking yesterday, all of those canvassed said they expected the MPC would hold at 5.75 per cent.
However, Howard Archer, chief UK and European economist at Global Insight, admitted it was a difficult one to call.
"Well it is obviously extremely tight," he said. "We are going for no change, but we wouldn't be surprised if they do. It's right on the margin."
Elsewhere major lenders including the Royal Bank of Scotland and HSBC echoed the views, predicting it would be on hold.
Published 5th December, 2007
© 2007 Estates IT Limited
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Analysts are expecting the interest rate to remain on hold when the monetary policy committee (MPC) meets tomorrow.