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UK interest rates set to fall by half percent

The UK economy is set to receive a boost later today with speculation rife that the Bank of England will introduce a 1/2% base rate cut to try and kickstart the economy. There have been various rumours and counter rumours over the last few days with regards to the direction of base rates but it now appears as though the MPC committee have decided to go with a middle-of-the-road approach leaving further scope for reductions in the short to medium term.

Gordon Brown has reminded the UK taxpayer that his various rescue packages introduced over the last few months have yet to kick in which could be the main reason why rates will not fall further this week, although until we see the actual announcement nothing is certain. There is concern that further confusion regarding future reductions in UK base rates will have a detrimental impact upon the currency which has been under severe pressure for some time.

It will be interesting to see the views of the Bank of England and the MPC committee as we enter a very important period in the ongoing rebuilding of the UK economy. Many business leaders had been hoping for a larger reduction although many will just be happy to see rates falling once more.

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