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- Bookies are now offering odds that we see Interest Rates in the UK hit 6% or more in 2024
- Current Base Rates with Bank of England sit at 5.25% but expected to fall
- 2024 General Election could see a big change in the Interest Rates
Bookies are now offering odds that we see Interest Rates in the UK hit 6% or more in 2024
Interest Rates are a massive discussion topic in the UK economy and it's no different going into 2024 with big talk around the rates that we may see in the next 12 months.
Homeowners will be wishing for a fall in base rates with the rate increasing to 5.25% in the past year which surpassing expectations and pushed mortgage rates up to their highest since 2008.
Bookmakers are now offering betting odds that the UK Interest Rates hit 6% or more at some point in the next 12 months with the economy facing such uncertainty that no one truly knows what will happen.
William Hill's odds from the start of 2024 suggested a 16% chance that the Interest Rates rise up to 6% from the 5.25% that they are currently sat at as of 5th January 2024.
What the expert says...
Current Base Rates with Bank of England sit at 5.25% but expected to fall
We're seeing Base Rates with the Bank of England at the highest they have been in recent years at 5.25% but those rates are expected to fall.
Interest Rates on some of the mainstream mortgage deals are set to drop below 4% which will bring a big sigh of relief for homeowners.
Various markets expected the Bank of England to raise its base rate up to 6% at some point in the last 3 months but good news around inflation has seen it hold for the time being.
2024 General Election could see a big change in the Interest Rates
2024 should see a General Election take place and with that may well see a remarkable change in the Interest Rates that we see in the UK.
Labour has used the massive rise in Interest Rates as part of its campaign to win the next election, constantly using analysis around how many households could be affected by any rise.
The Bank of England has already said that that high interest rates are needed to see inflation fall back down to its 2% target that the government had originally set.
What the expert says..
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