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Commenting on the Bank of England's latest interest rate announcement, Andrew Burrell, Head of Forecasting at JLL, said: "Nobody will be surprised by the Bank of England's decision to keep the interest rate status quo. The UK economy will be helped by the additional spending power that low inflation and rising wages bring. Borrowing costs will also remain low, supporting the housing market, and hopefully triggering much-needed development across the property spectrum, in both residential and commercial sectors.
"However, action needs to be taken to improve the UK's productivity rate which is poor in comparison to European neighbours such as Germany. With inflation low and a potential 'Grexit' looming, we expect that rates will not rise before early 2016."
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