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Consumers Expect Rise in Cost of Borrowing

UK consumers are expecting a rise in interest rate over the next year. Study from Lloyds TSB's8217;s found that 66% of those who were surveyed expecting a rise in interest. Although it was declared by the bank of England that it would keep the base rate at 4.5%.



The survey revealed that the number of people expecting rise in interest rate was up from 59% recorded in April. The figure was the highest since April last year. Only 7% of the 2,000-strong consumer panel thought opposite. They were of the view that rates would go down over the next 12 months.



Trevor Williams, chief economist for Lloyds TSB Financial Market told that families across the UK were preparing for rise in interest rates next year. He made this observation on the light of the survey.



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