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Rate cut before Christmas looks unlikely, says Charcol

A rate cut before Christmas is looking unlikely, according to independent mortgage advisors, John Charcol.The minutes from the last meeting of the Monetary Policy Committee (MPC) show that, despite calls from many different quarters for an immediate cut in interest rates, the majority of committee members thought that the time was not yet ripe for a cut.Members ruled that it was best to wait and see whether the economy is really slowing down as much as it needs to before taking action. While this news may disappoint already stretched borrowers, John Charcol were optimistic.The firm's spokesperson Drew Wotherspoon said: "Although nothing in life apart from death and taxes is certain, it looks likely that interest rates will be falling soon, and many commentators expect at least a half a per cent fall by the end of 2008, with some saying more."He went on that in this climate, tracker mortgages were "the clear product of choice at the moment".

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