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Thus it could mean interest rates rising sooner than might otherwise be expected.
According to Bank forecasts, that would mean interest rates will be left on hold until at least the second half of 2016.
It is not clear, for example, whether an independent Scotland would adopt the euro, which is unpopular thanks to the unfolding crisis on the continent, or sterling, which would mean interest rates still being set in London.
Other economists said that because whichever party winning next year's election would have to cut spending and raise taxes to close the enormous budget deficit, the resulting fiscal squeeze would mean interest rates would probably be kept very low to keep the economy moving.
However, he also warned that if there was less spare capacity than the Bank of England had estimated inflationary pressures developing in the labour market - wage rises - would mean interest rates would need to rise sooner rather than later.
Additionally, balances on credit cards mean interest rates, and if you are paying interest, you are wasting money that could be better spent paying bills or saving.
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Inflation a little below target means interest rates a little below neutral, not at record lows.
"Looking ahead two years, we would like to be reaching a point where monetary policy could again be effective, which means interest rates in the range of 3-43-4%
Many economists thought the unemployment threshold meant interest rates might rise far sooner than expected and Britain's borrowing rates in the markets increased.
And despite a dissent from one member, the committee reaffirmed that the sluggish economy meant interest rates would stay low "for an extended period".
That means interest rates in rich countries may soon fall to zero; some are already close (see article).Deflation is not the only fear, however.
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