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Base rate increases by 0.25 per cent

The MPC voted today to increase the base rate by 0.25 per cent to 4 per cent. The increase was widely expected by the market which is widely predicting further rate rises.

Portman Building Society group development director Matthew Wyles says: “This rate rise comes as absolutely no surprise – fasten your seatbelts – there will almost certainly be further increases during 2004.”

Skipton Building Society chief executive John Goodfellow says: “Whilst we&#39ve seen a rate rise today from the Bank of England, this has only taken us back to the same level as at November 2001 – preceding that, you&#39d have to go as far back as January 1963 to find rates at four per cent.”

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US research centre forecasts house prices will continue to rise

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