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Where next for UK base rates?

Despite the fact that many experts, only a few weeks ago, still believed that UK base rates would bottom out at 0% it now appears as though the Bank of England's Monetary Policy Committee (MPC) is set to take a pause this month. It would seem that the introduction of quantitative easing and the apparent threat that inflation could rise substantially in the medium to longer term will see UK base rates remain at 0.5% for the time being.

Those who have followed the reduction in UK base rates will know we have seen a downward trend in each month for the last six months, leading to base rates which have never been lower in the 315 year history of the Bank of England. This fact alone is a sharp indication of the severity and danger which the UK economy and the worldwide economy face from this ongoing recession. The introduction of quantitative easing recently hit the headlines but the likes of the G20 and other financial issues have pushed it off the front pages.

It will be interesting to see the details of the minutes of the last MPC meeting, due out later this month, as these should give an indication of the future direction of UK base rates.

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