The Confederation of British Industry (CBI) has suggested that the Bank of England has a "difficult" decision to make regarding interest rates - which could impact upon people with mortgages .
Lai Wha Co, principal economist for the CBI, said that inflation is expected to "creep up" next year, which, at a time when the economy is slowing down, could create problems for the Bank .
"On the one hand it’s monitoring how sharply the economy might slow, but on the other hand it has to weigh up the concerns about inflationary risk," she commented.
If inflation rises at a higher rate than is expected, the Bank's monetary policy committee may not be in a position to make the rate cuts that many people are anticipating, she warned.
Earlier this week, Ray Boulger, senior technical manager at John Charcol, predicted that the base rate of interest would be cut to five per cent during the course of 2008.
CBI: Difficult rates decision ahead
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CBI: Difficult rates decision ahead
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