The pound hit a new 26-year high against the dollar as it is expected that the Bank of England will keep interest rates unchanged, in contrast to the US Federal Reserve announcing a few weeks ago that US interest rates were to drop.
It had been feared that interest rates could rise further this year, but the recent problems in the market make that look unlikely. With oil prices rising and causing inflation to rise, the Bank of England is expected to leave rates unchanged. This will not be good news for many mortgage payers who are desperate for a rate cut to reduce current payments.
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