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Decision to leave interest rates unchanged at 0.5% is sensible

21 January 2010

Andy Cuthbert, Managing Director of dot financial services comments on the speculation of interest rate rises.

Recent reports have speculated that the rise in inflation figures from 1.9% in November to 2.9% in December 2009 could result in interest rates rising as early as spring. Andy Cuthbert, Managing Director of dot financial services disagrees with this theory and believes the rise is only temporary.

Andy comments:

“In my opinion the sharp rise in inflation that we saw in December was due to the low fuel costs and VAT reduction twelve months ago. With the renewed rise in this and increased fuel costs adding to inflationary pressure there is no wonder we have seen a sharp rise in figures recently.

"However, with the current state of the economy as it stands, I do not feel that the Bank of England will be in a hurry to increase interest rates in the foreseeable future. The decision to leave interest rates unchanged at 0.5% is sensible at the moment and, as I have been reporting, I do not believe they will be heading back up any time soon.”

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