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Stuart Law, Chief Executive of Assetz, Responds to the Monetary Policy Committee\'s Decision to Hold Interest Rates at 5.5%

10th January 2008 | back to article listings BACK    print this article PRINT

Commenting on the Monetary Policy Committee’s decision to hold interest rates at 5.5%, Stuart Law, Chief Executive of Assetz, says:

“I was hoping to see more in the way of positive action from the Bank this year, but it appears the MPC is set to persist with its ‘wait and see’ attitude, witnessed in the latter half of 2007. Alistair Darling’s attempts to influence the decision will not have helped, and today’s announcement may be the result of political meddling.

“I see little point in holding off on a base rate reduction this month. Interest rates will almost certainly have to come down by early February, and delaying a reduction today seems unnecessary, posing additional risk to economic stability and increasing the likelihood of more drastic cuts later in the year, as the Bank strives to regain control.

“Today’s decision is disappointing and will come as a set back to homeowners, who were hoping for further reprieve following last month’s drop. However, property investors continue to benefit in the current climate. Homebuyer indecision has led to significant demand for buy-to-let property and rental rises across the country, and when rates do fall it will bring further benefits to investors in the form of higher returns."

This is a press release by Assetz also available at http://press.assetz.co.uk/articles/3975.html. Alternatively, please see our full press release archive.

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