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Interest rates could remain at 0.5% until 2013

Expert predicts interest rates are unlikely to increase for a long time

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5 October 2011

Interest rates could remain at 0.5% until 2013”

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UK credit card users could benefit from the historically low base rate until the middle of 2013, according to a leading financial expert.

David Smith, economics editor at the Sunday Times, claimed that the majority of economic commentators had expected interest rates to rise in previous months, but it now appears that the rate will not increase for a "long time".

"The governor of the Bank of England Mervyn King's term expires in the middle of 2013 and I think there is a very good chance that interest rates won't have risen in his remaining time at the Bank of England," he said at the BCSC Conference and Exhibition 2011.

"We seem to be in for a long period of very low interest rates."

During the latest Bank of England meeting held earlier this month, the Monetary Policy Committee voted unanimously in favour of keeping the bank rate at 0.5 per cent.

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16.9% APR representative (variable). Based on a credit limit of 1200 and purchase rate 16.9% p.a(variable).
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