{"id":146,"date":"2014-06-29T12:49:24","date_gmt":"2014-06-29T12:49:24","guid":{"rendered":"http:\/\/newsite.fpgonline.co.uk\/?p=146"},"modified":"2023-09-19T11:37:31","modified_gmt":"2023-09-19T11:37:31","slug":"interest-rates-rise-5-long-term","status":"publish","type":"post","link":"https:\/\/www.fpgonline.co.uk\/index.php\/interest-rates-rise-5-long-term\/","title":{"rendered":"Interest rates could rise to 5% in &#8220;the very long term&#8221;"},"content":{"rendered":"<p id=\"story_continues_1\" class=\"introduction\" style=\"font-weight: bold;\">According to the BBC website today,\u00a0a senior Bank of England figure has said that interest rates could rise to 5% in &#8220;the very long term&#8221; \u2013 news that should\u00a0allow home owners in Teddington and South West London to plan for their mid-long term futures with a little more confidence.<\/p>\n<p>Sir Charlie Bean, deputy governor for monetary policy, called it &#8220;reasonable&#8221; to think rates would return to pre-recession levels in 10 years or more.<\/p>\n<p>The rate was cut when the financial crisis hit the UK from 2007, and it has\u00a0<a style=\"font-weight: bold; color: #4a7194;\" href=\"http:\/\/www.bankofengland.co.uk\/boeapps\/iadb\/repo.asp\">remained at 0.5% since March 2009<\/a>.<\/p>\n<p>Bank of England governor Mark Carney has said it could now rise, possibly to a &#8220;new normal&#8221; of 2.5% by 2017.<\/p>\n<div class=\"caption\" style=\"color: #505050;\">Sir Charlie Bean leaves the Bank of England on Monday<\/div>\n<p><span class=\"cross-head\" style=\"font-weight: bold; color: #505050;\">&#8216;Gradual and limited&#8217;<\/span><\/p>\n<p>In an\u00a0<a style=\"font-weight: bold; color: #4a7194;\" href=\"http:\/\/news.sky.com\/story\/1291290\/rates-may-return-to-pre-recession-levels\">interview with Sky News<\/a>, Sir Charlie, who will step down from his Bank of England role on Monday, was asked if the interest rate could return to 5% within 10 years.<\/p>\n<p>&#8220;That may well be so. I wouldn&#8217;t want to say it will be back there in 10 years,&#8221; he said.<\/p>\n<p>&#8220;It might be reasonable to think that in that very long term you would go back to 5% but it&#8217;s probably quite a long way down the road.&#8221;<\/p>\n<p>He also said that in the run-up to the financial crisis, economists were &#8220;not sufficiently cognisant of the risks building up&#8221;.<\/p>\n<p>But he said the economy was now far more resilient than when he arrived at the central bank in 2000.<\/p>\n<p>On Friday Mr Carney said that any interest rate rises in the coming years would be done in a &#8220;gradual and limited fashion&#8221;.<\/p>\n<p>He said UK household debt levels had altered the financial system, and increasing interest rates would have more impact on household spending than in the past.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>According to the BBC website today,\u00a0a senior Bank of England figure has said that interest rates could rise to 5% in &#8220;the very long term&#8221; \u2013 news that should\u00a0allow home owners in Teddington and South West London to plan for their mid-long term futures with a little more confidence. Sir Charlie Bean, deputy governor for [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[3,4],"class_list":["post-146","post","type-post","status-publish","format-standard","hentry","category-news","tag-interest-rate","tag-mortgage"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Interest rates could rise to 5% in &quot;the very long term&quot; - The Financial Planning Group<\/title>\n<meta name=\"description\" content=\"mortgage interest rates forecast\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.fpgonline.co.uk\/index.php\/interest-rates-rise-5-long-term\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Interest rates could rise to 5% in &quot;the very long term&quot; 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