The base rate of interest could be set to fall further over the coming year, it has been predicted.

In the December meeting of the Bank of England's monetary policy committee, the nine rate-setters opted to lower interest by 25 basis points to 5.5 per cent.

But a poll of economists conducted ahead of the decision suggests there could be further such reductions on the way in 2008.

The news may be welcomed by Britons looking to reduce their interest repayments on unsecured or secured loans, as lenders may lower their rates accordingly.

Consumers may wish to obtain a debt consolidation loan in order to take advantage of any changes which occur, if their current borrowing is locked into a specific interest rate.

A spokesperson for high street bank HSBC predicts "cuts again in quarter two, quarter three and quarter four - and you get 4.75 per cent by the end of the year".

In light of the expectation, 2008 could prove the ideal time to arrange a debt consolidation loan.ADNFCR-1287-ID-18384348-ADNFCR

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