Earlier this week the Monetary Policy Committee met up for the July monthly meeting with regards to reviewing the base interest rate. (more…)
Posts Tagged ‘base rate’
Another hold on the base interest rate
Tuesday, July 21st, 2009
Savings on mortgage repayments being saved by families
Sunday, July 12th, 2009Since the onset of the global credit crunch the government and the Bank of England have been trying to find ways of boosting the ailing economy, housing market, and mortgage sector. (more…)
Is it a Good Idea to Lock in Your Mortgage at the Lower Rates Now Available?
Tuesday, May 26th, 2009The interest rates for mortgages in the UK are at the lowest level they have been in 300 years. Many homeowners are wondering if they should lock in their mortgage at these lower rates in an attempt to save money on their mortgage payments. (more…)
More money to be ploughed into the economy
Friday, May 22nd, 2009After the recent Monetary Policy Committee meeting earlier this month the Bank of England announced that the base interest rate was to be left on hold at 0.5 percent. (more…)
Homeowners will not necessarily benefit from rate cuts
Sunday, January 4th, 2009Recent reports have indicated that despite the base rate cuts that have been applied by the Bank of England over the past few weeks some homeowners may not actually benefit from these reductions, as many lenders have not passed the rate cuts on. The central bank is expected to cut rates further next year, but some feel that many of the major UK banks will ignore the reductions and fail to pass them on. (more…)
Rates on personal loans have soared
Wednesday, December 24th, 2008Most people are well aware that the financial sector has been deeply affected over the past year as a result of the global credit crunch, which has affected all sectors of the financial industry and has seen credit conditions become far tighter and borrowing rates become far more expensive.
However, over the past year the base interest rate has fallen a number of times, and in particular over the past two months, which has seen 2 percent sliced from the base rate. The base interest rate is now at 3 percent, which is almost half what it was a year ago, at 5.75 percent. (more…)
CML stands up for mortgage lenders
Tuesday, December 16th, 2008The Council of Mortgage Lenders has recently spoken out to defend its member banks, after some banks were criticised for failing to pass on base rate cuts and were accused of making a profit. The CML insists that its member banks are actually profiteering, and recently released a statement to this effect. (more…)
Lenders say they will pass on base rate cut
Tuesday, December 2nd, 2008Following the recent 1.5% base rate cut, and in response to calls from the Prime Minister, Gordon Brown, a number o major lenders in the UK have said that they will be passing on the full 1.5% rate cut to borrowers over the coming weeks. As hoped by the government this could help to ease the financial situation for many consumers, and could ultimately help to boost the flagging economy, as consumers find themselves with more money to spend in the run up to Christmas. (more…)
Prime minister says still room for rate cuts
Friday, November 28th, 2008The base rate in the UK has fallen dramatically over the course of the last year, with the rate falling from 5.75% to 3%, with a recent huge interest rate cut of 1.5% this month alone. The Prime Minister, Gordon Brown, said that cutting interest rate was vital in order to weather the global financial crisis and the economic downturn, and he indicated that there was room for further interest rate cuts. (more…)
Base rate cuts need time to take effect
Thursday, November 27th, 2008A policymaker from the Bank of England has said that the recent rate cuts are going to take some time to take effect and feed through to the economy. Andrew Sentance reckons that negative performance indicators in the economy will continue into next year despite the recent drastic rate cuts, as these will need time to actually filter through and will not make any immediate difference to the economy. (more…)
No change for the base rate for June
Thursday, July 3rd, 2008Last week saw members of the powerful rate setting Monetary Policy Committee meet up for their monthly meeting, and following the meeting the Bank of England announced that the base rate would be staying on hold at 5% for this month – a move that many industry officials have already been expecting. Most already knew that the decision faced by MPC members was a tough one, as they have to balance the slowing economy with soaring inflation levels when determining interest rate movement. (more…)
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