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Author BoE cuts rates to 3%!
willay
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   6th Nov 08 at 12:12   View Garage View User's Profile U2U Member Reply With Quote
http://news.bbc.co.uk/1/hi/business/7713006.stm

quote:

The Bank of England has cut interest rates in the UK by one-and-a-half percentage points to 3%, its lowest since 1955, in a shock move.

Last month it cut rates from 5% to 4.5% in an emergency move co-ordinated with other central banks.

There had been widespread calls from industry for a major cut as the country begins to face up to the prospect of a deep recession.

The cut comes after a raft of weak economic data recently.

It is the first time the Bank has cut rates by more than half a percentage point since gaining its independence in 1997.
Neo
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6th Nov 08 at 12:13   View User's Profile U2U Member Reply With Quote
Will, your a clever man....will this stay this way or will banks take no notice etc ?
VegasPhil
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6th Nov 08 at 12:14   View Garage View User's Profile U2U Member Reply With Quote
Banks will have to make changes witha cut like that...

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willay
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6th Nov 08 at 12:14   View Garage View User's Profile U2U Member Reply With Quote
I think banks will be pressurized into it, apparently they dont have to though
Neo
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6th Nov 08 at 12:16   View User's Profile U2U Member Reply With Quote
quote:
Originally posted by willay
I think banks will be pressurized into it, apparently they dont have to though


Thats exactly what i thought.....

Hopefully they will though as it could make a big difference to the economy...people paying things back etc
VegasPhil
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6th Nov 08 at 12:20   View Garage View User's Profile U2U Member Reply With Quote
Good news for run up to Christmas/January I guess... probably what they have in mind!

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nik
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6th Nov 08 at 12:32   View User's Profile U2U Member Reply With Quote
Good news for mortgages bad news for savings. Sooner labour are out now the better.
Ojc
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6th Nov 08 at 12:38   View User's Profile U2U Member Reply With Quote
I want this to be good news but I know somewhere down the line someone is going to have to pay for this.
Fro
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6th Nov 08 at 12:39   View User's Profile U2U Member Reply With Quote
Mum said yesterday they were thinking of cutting it
nik
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6th Nov 08 at 12:39   View User's Profile U2U Member Reply With Quote
Might as well spend my savings now and get a loan
deano87
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6th Nov 08 at 12:42   View User's Profile U2U Member Reply With Quote
Holy-moly, I know very very little about economics but know that is a lot!
Dione J
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6th Nov 08 at 12:44   View User's Profile U2U Member Reply With Quote
quote:
Originally posted by nik
Might as well spend my savings now and get a loan
Snap
M2RTY
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6th Nov 08 at 13:21   View User's Profile U2U Member Reply With Quote
this could be good if my mortgage goes down again! Only £25 a month per 0.5%, wish I had borrowed more now though lol!

Shame my savings will earn less too
dannymccann
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6th Nov 08 at 14:00   View User's Profile U2U Member Reply With Quote
If youve got ISA's arent the majority under 1 year old on a fixed interest rate? Like my Barclays one, think its 6.25% interest
Aaron
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6th Nov 08 at 14:07   View User's Profile U2U Member Reply With Quote
I've got a 6.5
Kyle T
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6th Nov 08 at 14:08   View Garage View User's Profile U2U Member Reply With Quote
Shame my mortgage is fixed for 5 years



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pow
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6th Nov 08 at 14:09   View Garage View User's Profile U2U Member Reply With Quote
4.7 here

Still, Fixed rate loan
loubielou
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6th Nov 08 at 14:10   View User's Profile U2U Member Reply With Quote
They were saying earlier that it could save some mortgage payers up to £140 a month
gianluigi
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6th Nov 08 at 14:12   View User's Profile U2U Member Reply With Quote
quote:
Originally posted by Kyle T
Shame my mortgage is fixed for 5 years



I'm on the same boat.
Ojc
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6th Nov 08 at 14:13   View User's Profile U2U Member Reply With Quote
quote:
Originally posted by gianluigi
quote:
Originally posted by Kyle T
Shame my mortgage is fixed for 5 years



I'm on the same boat.


Banana?
dean101287
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6th Nov 08 at 14:14   View User's Profile U2U Member Reply With Quote
Iv got a fixed rate motgage for another 1.5 years. Ooooops
Ellis
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6th Nov 08 at 14:17   View User's Profile U2U Member Reply With Quote
I guess this is shit for people that have morgages and savings is it?
pow
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6th Nov 08 at 14:18   View Garage View User's Profile U2U Member Reply With Quote
Good for non-fixed morgages, bad for savings.

Guess which one I have
Ojc
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6th Nov 08 at 14:19   View User's Profile U2U Member Reply With Quote
quote:
Originally posted by pow
Good for non-fixed morgages, bad for savings.

Guess which one I have


Neither?
VegasPhil
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6th Nov 08 at 15:17   View Garage View User's Profile U2U Member Reply With Quote
Good for Wasters and Morons that spend all their money and run into arrears on mortgages.

Bad for people like my nan who has saved for years and years and relies on her interest to pay for normal bills/food etc.

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