Bank Expected to Raise Interest Rates with Higher Inflation
London(Shakespeare Finance ) 21st April ’10: With the petrol, food and gas prices reaching the sky high levels, many in the UK economic world are expecting the Bank of England to increase the interest rates. According to the recent figures, the monitoring cost has shown a rise of 17% in comparison with last year’s figure. With this increase, restriction of fruits and vegetable imports to no-fly zone is also expected.
In a statement, Office of National Statistics have revealed that the index of consumer prices have shown the rise of 3.4% till March on year-on-year basis. Further, the housing cost in the country has also been increased by 4.4%.
However, according to the Recruitment and Employment Confederation, the things in the economy would be changing for better with the housing sector on a rise. Many are expecting that the rise in inflation would lead to more employment opportunities for the UK individuals.
Further, seeing it from the finance point of view, one can also expect higher interest rate for several long and short term loans. However, many would now be getting interested in secured loans for a financial help.