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For the foreseeable future – or the next twelve months at least – the Bank of England looks to be keeping interest rates the same, as they hit a historic low. As a result of this, a large percentage of lenders are expected to cut the interest on their fixed rate mortgage deals.
Yesterday, two-year fixed rate loans saw their biggest drop since the first few months of 2011 as it was held at the Bank rate of 0.5% for the twenty-seventh consecutive month. The average two-year secured loan on offer is currently at 4.41%, a drop of 0.17% from the 4.58% showing throughout March. Details held on financial website Moneyfacts, show that five year fixed rate mortgages have also seen a drop; they are down to 5.14%
Chris Williamson, of Markit, spoke as the Bank announced their intention to hold interest rates, stating that the financial markets were not likely to be taking the rise in rates into account until at least May 2012. Whilst Scotia Capital’s Alan Clarke said; ‘On the basis of the Bank’s outlook for inflation, the door is wide open to a rate hike. However, the committee has shown virtually no inclination to walk through that door and deliver a rate hike.’
More studies have revealed little progress concerning the rebalancing of the UK economy towards exports. Although, despite the slimming of the UK’s visible trade gap in April, the surplus also fell – by £0.3billion each, with the overall trading gap staying more or less the same at £2.8billion.
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Nida Ali of Ernst and Young was not optimistic about the overall picture given by the statistics; ‘The trade deficit narrowed for the wrong reason,’ she said, ‘namely a fall in imports rather than an increase in exports, adding further confirmation to the fact the domestic demand in the UK remains exceptionally weak.’ These opinions reflect the slide in morale amongst importers as effects of high inflation kick in – three out of five internationally trading businesses are concerned about rising inflation, according to a Travelex survey, whilst less than half believed a depreciation in the value of the pound would pave the way to an ‘export-led recovery.’
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