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Interest rates in the UK may need to be cut to help deal with the global credit crunch the Organisation for Economic Cooperation and Development (OECD) has stated.
Holders of offshore bank accounts will take keen note of the news with the OECD believing that the UKs economic growth rate could drop below 2.5 per cent in 2008, reports the BBC.
The OECD said in a statement: "Although indicators of economic activity have been robust in 2007 to date, there is now a risk that growth will be weaker going forward, which could imply the need for interest rate decisions."
Offshore bank accounts offer investors great opportunities to divide their assets in an economically advantageous manner.
The Bank of England (BoE) recently raised interest rates to a six-year high of 5.75 per cent.
The OECD said the housing market was one area where the UK was particularly feeling the squeeze.
A stagnating economy could also mean an increase in the budget deficit and lead to spending cuts as tax revenues falls, it added.
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