Loan customers need base rate to be kept low, says MP

Wed, 10 Mar 2010

Interest rates must be kept as low as possible to avoid pilling pressure on consumers with unsecured personal loans, an MP has suggested.

The Bank of England recently announced its decision to keep the base rate at 0.5 per cent, which is the lowest rate in its history.

And Mark Hoban, shadow financial secretary to the Treasury, claims that the Bank must keep rates low to support Britons who hold unsecured loans .

He said: "It is imperative that [the] government [does] what it can to keep interest rates as low as possible for as long as possible, otherwise families already suffering financial stress will see the interest they pay on their loans and their mortgage rates rise."

Further to this, Mr Hoban claimed that the Conservative Party would endeavor to ensure this ambition is reached, should they win the upcoming general election.

Mark Hoban joined the Conservative Party in 1980 and is the current chairman of the Associate Parliamentary Group on Business, Finance and Accountancy .
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