Banks are putting pressure on the governor to have a better communication with the market.

London (Shakespeare-finance) April 04, 2007: The Banks in the UK are putting intense pressure on Mervyn King, the governor of the Bank of England. They want that King should have better communication with the market.

According to the boss of a leading bank, Mr. King and his MPC (Monetary Policy Committee) should fix the base rates at 5.25 percent. He also stated that they have unsettled the market in the last few months.

Another investment bank has claimed that the Bank of England is not up to the standards of communication, as compared to its counterparts in US and Europe.

Mervyn King has said that the people who want to know about the future movements of the Bank are 'barking up the wrong tree'. Some banks even have made the prediction that another rate hike is possible, and the base rates may go up to 5.5 percent.

If there is a further hike in the base rate, the borrowers of secured loansmay have to pay higher interest rates, as compared to what they are paying right now.

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