Personal loans customers 'need base rate kept low'
08 March 2010 17:01:11
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| Interest rate rise would heap pressure on personal loans customers. |
The Bank of England confirmed last Thursday (March 4th) that it is retaining the base rate at 0.5%, which means it has now been at this level for the past 12 months.
However, Mark Hoban, shadow financial secretary to the Treasury, explained that the low rate must be maintained for a longer period to help those with unsecured loans.
He said: "It is imperative that [the] government [does] what it can to keep interest rates as low as possible for as long as possible, otherwise families already suffering financial stress will see the interest they pay on their loans and their mortgage rates rise."
Speaking at the Northern Money Conference 2010 in Liverpool, Mr Hoban added that the Conservatives will do everything in their power to ensure this target is met.
The Financial and Leasing Association suggested recently that Britons took out £113m in personal loans in the run-up to Christmas 2009, which was 53% lower than in the previous year.
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