Interest rates to be 2.75% by 2012 - CBI
The CBI projects interest rates could hit 1.25% by the end of 2011, rising to 2.75% by Q4 2012 with inflation forcing the BoE to raise rates from their historic low in the Spring.
Private sector employer trade body, the Confederation of British Industry expects inflation to stay "stubbornly high" this year, partly due to the impact of higher VAT but also due to pressure from rising energy and commodity prices.However, it continues to predict, that the UK economy will grow in 2011 but has downgraded its GDP forecast from +2% to +1.8%.
The CBI said the UK is on the road to recovery, with growth accelerating in 2012, and maintains the risk of a double dip into recession is low.
To read the rest of this article and the other key points within the current mortgage market, read my blog, 'Mark's Mortgage Blog' at http://merrivale47-mortgagemonkey.blogspot.com/
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