Bank expected to raise UK rates

  Nibblerman 09:25 05 Jul 07
Locked

Here we go again

click here

  Al94 09:32 05 Jul 07

It will probably go to 6.25 or maybe 6.5 before the end of this year - still low in comparison to historic rates click here

  Jackcoms 09:50 05 Jul 07

Excellent. Good news.

The higher the better

  Stuartli 10:06 05 Jul 07

For savers, agreed.

For many, many more, almost certainly not....

  wallbash 10:07 05 Jul 07

My guess that Jackcoms is a saver?

I have had a mortgage for over twenty years
so wont Panic.

  Jackcoms 10:09 05 Jul 07

"My guess that Jackcoms is a saver?"

Correct.

And no borrowings of any sort. ;-))

  ventanas 10:15 05 Jul 07

I have always felt that this is not the way to do it. If there is a need to curb spending why hit those who have very little disposable income anyway. People like myself who have paid off their mortgage some time ago have more disposable income, and are benefiting through their savings.

Consequently I will continue to spend (three holidays this year, plus two new computers and three digital cameras etc.) And I don't really care. I'm also paying some of the increases on my children's mortgages to help them out over what for them is a difficult period.

  anskyber 10:30 05 Jul 07

" People like myself who have paid off their mortgage some time ago have more disposable income,"

I've always regarded you as a good friend. :-))

  realist 10:53 05 Jul 07

The absurdly low interest rates have led to the high property prices/high mortgages payments that are now eating away at our disposable incomes, and the absence of credit controls (remember the days when you had to pay one-third up front on hire purchase agreements?) has led to a mountain of unsustainable consumer debt.

Saving has become something strange people did in the days of yore, and children are brought up in an environment where (apparently) you simply pick up the phone to get a £100,000 cheque in the post.

So much for Mr Brown's "prudent" financial management.

  Kate B 10:54 05 Jul 07

Actually, the credit boom began during the Thatcher years; and high mortgages became normal then.

  realist 11:01 05 Jul 07

Indeed, and interest rate policy since 1997 has simply added "fuel to the fire".

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