Interest rates are likely to remain unchanged over the coming months, one financial expert has suggested.
Howard Archer, UK chief economist at Global Insight, said that rates were unlikely to change until the end of the year, but added that when the time came, the move would probably be downwards.
The Bank of England (BoE) is due to make its next interest rate decision on August 7th.
"Over time very weak economic activity and rising unemployment should help to keep a cap on inflation pressures and that should eventually allow the Bank of England to cut interest rates," Mr Archer explained.
The last time the interest rate was changed by the BoE was on April 2008, when the rate was reduced by 0.25 percentage points.
In a recent poll of seven other economists and financial institutions, all predicted that there would be no change this month.
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