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08/01/2009
Interest rates to be at 0.5% by March, Nationwide says |
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The building society forecasts that rates could go down to 0.5 per cent as early as March, although Martin Gahbauer, senior economist at Nationwide, admits that predictions are difficult in the current climate.
He claims the rapid cutting of interest rates depends on the "severity" of the data that comes through.
There is a 60 per cent chance that the Bank of England's monetary policy committee will slash rates by 0.75 percentage points today, according to the Nationwide Consumer Confidence Index.
When asked about the possibility of the UK having zero per cent interest rates, Gahbauer, said that nothing can be discounted.
On December 4th, the committee voted to reduce the official Bank Rate paid on commercial bank reserves by one percentage point to two per cent.
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