City braced for fourth hike in interest rates.(Money)

From: The News Letter (Belfast, Northern Ireland) | Date: July 29, 1997 | Copyright information

The road to ruin is paved with windfall gains, a leading economic forecaster warned yesterday as the City braced itself for a fourth rise in interest rates in as many months.

The pounds 150 million of high street sales - 7 per cent of the pounds 2.144 billion total - funded last month by handouts to consumers from the flotation of building societies, was just the tip of the iceberg.

The UK economy faces a period of ''boomlet, bustlet'', warned Adam Cole, of H...