An industry expert believes that it is not of great importance whether or not the Bank of England raises or lowers the base rate of interest in the UK.
In the opinion of Simon Rubinsohn, chief economist at the Royal Institution of Chartered Surveyors (RICS), the interest rate is not having a great deal of impact at the moment.
This means that changes to it are unlikely to have any serious effect on the economy.
Mr Rubinsohn does note that interest levels may need to be lowered to avoid a dislocation between money market rates and the base rate.
However, he added: "Technically they could cut it further but they may want to concentrate their energies and begin to embark on quantitative easing."
The Bank of England base rate is currently at one per cent, which is the lowest since the Bank formed in 1694.
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