ECB unlikely to raise interest rates until new year

THE ECB may leave interest rates at historically low levels until the beginning of next year, which would be a welcome relief to those on tracker and standard variable mortgages.

It is almost a year since the bank announced any change in interest rates and yesterday it failed to move again as the Greek fiscal crisis complicates its withdrawal of emergency stimulus measures.

A survey among economists conducted by Bloomberg shows the rate may stay there until the first quarter of next year.