Invesco Perpetual's Read at odds with Woodford over UK rate rise

Invesco Perpetual's co-head of fixed interest Paul Read has said he expects the UK's base rate to rise in the first quarter of next year, in contrast to the forecast of his former colleague Neil Woodford.

Read (pictured) noted money markets are pricing in a hike later this year, while commentators expect a move early in 2015. "I think it is hard to argue against the idea there will be one hike before the general election, and they won't want to move too close to the election either," he said. "So I would expect a hand on the tiller before the general election." Interest rates have been on hold in the UK since they were dramatically cut to a record low of 0.5% at the height of the financial crisis in March 2009. Since then, the UK economy has recovered, while equity markets have d...