With the economy showing signs of coming to a halt the interest rates are likely to crash in 2009.
London (Ask4loan) September 5, 2008: The coming year may show a halt in the economy and consequently the interest rates are likely to fall.
It is definitely a good news for those who can afford to tie up their money. They can make tax savings up to 7 per cent before tax up to 3 years.
Big market players such as Nationwide and Halifax have already announced tax reductions in context of fixed rate deals.
Market analysts are of the view that BoE will soon cut down fixed deals rates and this will surely bring a smile or two on the face of Britons.
Jonathan Loynes, of Capital Economics, hinted that the base rate is expected to fall close to 3.5% by September, 2009. Another eminent market analyst, Mark Berrisford-Smith, senior economist of HSBC, said that the Bank of England strive for inflation peak. The shocking August inflation figures of almost above 5% can be attributed to rising energy prices. But, expectations of a cut in the rates is soon expected up to 4% by summer next year.
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