The central bank of England has kept the base rate unchanged for the month of August.

London (shakespearefinance) August 3, 2007: The Bank of England's Monetary Policy Committee has decided not to change the prevailing base rate of interest. It stuck to the current six-year high of 5.75 percent base rate.

It is indeed welcome news for all those who have obtained secured loans in the past and are concerned about the rising rate of interest. Secured loan holders have already witnessed five rate rises in the last 12 months.

Those concerned with the finance industry expressed different views and opinions regarding the base rate of interest. James Knightley, an economist at ING said: "For now we look for a September rate rise with the growing threat of a further move around the turn of the year".

Another expert, George Buckley who is chief economist at Deutsche Bank said: "Our forecast remains that the peak in rates has been reached".

For the time being, secured loan holders can breathe a sigh of relief as the rates are not going to rise at least till the next month.

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