Liberal Democrats in Business

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Future Rate Rises Will Hit Homeowners - Cable

3.20.22pm BST (GMT +0100) Thu 7th Jun 2007

Commenting on the announcement from the Bank of England that interest rates are being held at 5.5%, Liberal Democrat Shadow Chancellor, Vince Cable MP said: "While rates may have been put on hold today, we can expect further rises in the months to come.

"Today's news will come as a relief to many homeowners, but those coming off fixed rate mortgages now will already be hit very hard because of the rises over the past year.

"Rising repossessions due to higher interest rates could easily lead to a significant slide in house prices, as happened in the late 1980s."

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