Rate rise ‘feared by Britons’
Some four out of five UK consumers think that the interest rate will increase again in the near future - fuelling job security fears, it has been reported.
The Consumer Barometer from Lloyds TSB Corporate Markets shows that 80 per cent believe the base rate will be higher in a year's time, with five per cent anticipating the opposite.
Despite 15 per cent of Britons believing the job market in the UK is stronger than ever, 18 per cent claimed that they fear for their jobs - an all-time low for the report.
Employment fears in the face of the rises may lead to people struggling to pay their mortgage or turn to taking out a loan.
"This realisation is another sign that the last few rate rises are beginning to have an impact," said Trevor Williams, chief economist at Lloyds.
Employment is an issue new Labour leader Gordon Brown will have to tackle.
The chancellor took over the reins of the party from Tony Blair on June 24th 2007.
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