The base rate of interest in the UK will rise before the end of 2014, according to 1 in 5 (22%) brokers polled by United Trust Bank (UTB).
UTB surveyed 119 finance brokers in July; 51% of respondents saw a base rate rise by mid-2015 as likely, while 19% thought the rise would come in the second half of 2015. 8% thought rates would not rise until 2016.
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The vast majority (87%) of brokers questioned felt the base rate would settle at around 2-3% over the next three years, compared to 9% who thought it would settle at 1%, and 4% who thought it would settle at over 4%.
Harley Kagan, managing director of UTB, said; "[Bank of England governor] Carney and the Monetary Policy Committee will be acutely aware of the significance of an interest rate rise after the base rate has been held at such a low level for such a long time and they will want to be absolutely assured that the economic recovery is strong enough to withstand any shockwaves this will send out.
"Some businesses and individuals will have taken advantage of the low interest rate and increased their borrowings and the Bank of England will not want to place undue pressure on pockets and profits and losses if it believes it could jeopardise continued growth."
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