EU referendum: Interest rates key to swaying undecided voters, says new research

James Nickerson
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(FILES) Britain's Bank of England is pic
Basini said "no one can predict the exact impact of Brexit" on interest rates (Source: Getty)

While the outcome of the EU referendum is still anybody's guess, interest rates may hold the key to swaying undecided voters, according to new research.

Polling commissioned by ClearScore, a service which allows customers to access their credit report, found that some 61 per cent of undecided voters cited the possible impact of an interest rate rise as a key determinant of their decision.

And 41 per cent of these voters believe rates will go up, while 42 per cent don't think interest rates will be affected. Some 18 per cent think rates will fall.

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However, some 39 per cent of Britons believe Brexit would have no impact on interest rates, despite warnings from the Remain campaign that interest rate rises could follow a Brexit vote.

Of those intending to vote Leave, the figure is even higher, with 54 per cent believing interest rates would be unaffected and just 27 per cent believing they will go up. In contrast, a whopping 71 per cent of Remain voters think rates will go up.

Justin Basini, founder and chief exec of ClearScore, said: "No one can predict the exact impact of Brexit itself on interest rates, but they are certain to go up at some point.

Read more: Stock markets and currencies poised for unprecedented volatility before Brexit vote

"That means people need to plan for rate rises, no matter what the outcome of the referendum. Personal debt levels are at record levels, so thinking about ways to reduce spending now, as well as making sure you’re not overpaying for credit will help reduce any financial pain when rate rises do kick in."

Back in January, governor of the Bank of England Mark Carney indicated that Brexit could lead to a rate rise, because of the scale of the current account deficit.

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