Will UK bank base rate shoot up in near future.?
Answer:
No, its fairly stable. And with inflation now on the slow its unlikely to go up anytime soon.
The base rate is used to control inflation and inport/export balance. House prices are a headline generating item but of little importance compared to the other items
It is independantly controlled by the bank of England who set it once a month.
It will rise by a 1/4 of a percent next month. No further increases expected in the foreseeable future.
The bank rate is set monthly by the Bank of England. I'm not sure what criteria they use, I sometimes wonder if they make it up as they go along. I suspect the bank rate will rise to 6 or 7 percent in the next couple of years. I look forward to this, so many people have borrowed excessively and are mortgaged to the hilt and won't be able to afford the new interest charges. Repossessions will soar, house prices will drop, and there will be a plethora of cheap houses to buy up
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