UK interest rates unlikely to rise until 2014, “at the earliest”

Interest rates will not rise until 2014 “at the earliest,” experts have suggested, after the Bank of England said it is unlikely to change its monetary policy stance soon.

The July minutes of the Bank’s Monetary Policy Committee (MPC) showed members voted seven to two to hold rates at 0.5%, with it saying that recent economic data makes it unlikely it will raise rates in the near term.

The news came a day after Woolwich launched its cheapest mortgage deals for 15 years, reducing rates on a third of its fixed and tracker mortgages.

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