With economic growth likely to remain below trend in the near term at least and unemployment set to continue rising, there is a very real danger that individual insolvencies and mortgage repossessions will climb markedly further over the coming months.
More Quotes from Howard Archer:
The minutes pour more cold water over the prospects for a near-term interest rate cut.Howard Archer
The earnings data may encourage the Bank of England to hold off from cutting interest rates in the immediate future as March while it seeks sustained clear evidence that the pay settlements for 2006 are remaining contained (the early signs are that wage moderation is continuing). However, we believe that interest rates are likely to be trimmed by a further 25 basis points by May.
Howard Archer
We still believe UK interest rates will eventually be trimmed by a further 25 basis points, although not until August at the earliest.
Howard Archer
For now at least, the Bank of England will be very wary that a trimming of interest rates could excessively stimulate the housing market and risk sending house prices markedly higher. It certainly further rules out a move today.
Howard Archer
We believe the door is opening for an interest rate cut early in 2006 if the economy fails to show sustained significant signs of improvement over the next couple of months.
Howard Archer
Consumer credit growth was again relatively muted in September, pointing to continuing consumer caution,
Howard Archer
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