Interest Rates cut by 1.5%

  birdface 12:52 06 Nov 2008

Big cut in Interest Rates announced to-day Down 1.5%.A great help for all of you with large Mortgages.

  shellship 12:54 06 Nov 2008

Not much use for those without debts but with savings.

  birdface 12:54 06 Nov 2008

Oops already well covered,Will Blame my bad eyesight.

  GANDALF <|:-)> 13:12 06 Nov 2008

It will make no difference to mortgages as banks do not borrow off the Bank of England but between themselves. You need to watch the LIBOR rate to check mortgage rates. Anyone who has been prudent and saved money will have their rates cut though...mixed messages or what?


  n4165si 13:56 06 Nov 2008

Here we go again,you would think this Government would have learnt a lesson. Cheap credit will fuel another economic disaster ,National debt will rise even faster than before. Its about time Savers demanded more from their savings and perhaps it might stop the spending Spree. They seemed to have timed it just right just before Christmas

  sunnystaines 14:11 06 Nov 2008

all the old biddies that have saved all their life for oldage to help supplement their pension will be in more trouble now.

those that are careless and overspend have cause problems for those that saved, rates should not have been lower so much it will cause inflation and weaken the £ raising the cost of imports.

  Legolas 14:15 06 Nov 2008

It has nothing to do with the government. The Bank of England has complete autonomy and can raise or lower rates as they please.

  Pine Man 14:51 06 Nov 2008

Words like naive spring to mind;-))

  anchor 15:13 06 Nov 2008

Zero rate did little to help the Japanese economy in 2001.

click here

Another rate cut this month

click here

It remains to be seen what happens here. People who rely on interest on their savings will have less to spend, which will hurt retail trade.

  oresome 15:56 06 Nov 2008

'It has nothing to do with the government.'

That only applies if it goes wrong. If it's a success, Gordon will be first in line to take the credit for masterminding the recovery.

  gibfish26 16:31 06 Nov 2008

there's also a by-election going on in scotland,if you get my drift(coincidence)?

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