Unsecured Loans - BoE 'should send strong message'
Published: 03 October 2008
The Bank of England (BoE) has been urged to send a strong message to Britons, pledging that they are set to deal with "the very real probability" of a recession, it has been claimed.
In news that may be of interest to those seeking unsecured loans, Ben Read, senior economist at the Centre for Economics and Business Research, said his group believed the financial institution should now be looking at cutting interest rates at 50 base points this month.
He explained that by the end of next year it was expected that rates could be as low as between three and 3.5 per cent.
"If we do see a rate cut [on October 9th], the main thing it would do is send a message that the Bank is starting to get its act together, but ... in real terms, it's not going to make any real difference for a good few months," Mr Read added.
People on the hunt for unsecured loans may also wish to hear that the interest rate currently stands at five per cent and has been held at this level since April 2008.
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