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Interest rate rises 'not expected'

More than half of financial services practitioners believe regular savers could be waiting for at least a year to see a greater return on their funds, new figures suggest.

A total of 51 per cent of respondents to a Chartered Institute of Securities & Investment survey said that they did not expect interest rates to be increased by the Bank of England in the next 12 months.

Only one in ten of those asked said they expected the rate to be moved from a record low of 0.5 per cent before the end of the year. Just over one in five now think the figure will stay the same for nine months, while 17 per cent think an increase is due in six months.

One respondent to the survey warned that any move to increase the base rate in the near future would be "economic suicide" as the country's business and personal finance sectors are "maxed out".

They added: "Increasing rates will have a severe recessional effect and create unrest that has not been seen since the 1920s."

Copyright © Press Association 2011

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