Borrowers 'must be vigilant' after base rate hold

06 August 2007
Despite the lack of change in the base rate level of interest this week, people need to remain vigilant, it has been claimed.

On Thursday August 2nd 2007, the Bank of England's monetary policy committee voted to keep the level on hold at 5.75 per cent.

A nudge upwards by a quarter of a percentage point would have been the sixth time it has been raised this year.

But an expert has warned that, despite the decision, borrowers need to keep an eye on their finances.

"Although the Bank's quarterly inflation report issued next week will give us the clearest idea of where rates are headed, my message to borrowers in the meantime is be on your guard," said Andrew Montlake, a partner in Capital Cobalt.

The current base rate level of interest is the highest the amount has been in over six years.

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