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Interest rate frozen
Sep 4 2008The Bank of England's monetary policy committee (MPC) has chosen to maintain the base rate of interest at five per cent.
Responding to the move, Legal and General said the committee is having to "tread the tightrope between managing inflation and giving borrowers some slack".
The decision to keep the base rate at five per cent "is no surprise", the firm said, adding that "things aren't nearly as bad for all borrowers as is sometimes portrayed".
"Yes, first-time buyers are struggling but when lenders start to become more active in high LTV [loan-to-value] lending again, the industry will bounce back very quickly," the firm added.
Meanwhile, HSBC predicted that as the price of oil comes down and upward pressure on wages eases, the MPC will cut rates in the near future.
This will be "welcome relief" to many homeowners, the bank stated.
Next month's interest rate decision will be made on October 9th. 
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