Following 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…)
Posts Tagged ‘gordon brown’
Lenders say they will pass on base rate cut
Tuesday, December 2nd, 2008
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…)
Pressure on Gordon Brown over housing market
Monday, October 6th, 2008According to recent reports the Prime Minister, Gordon Brown, has been under increasing pressure over the past few days to follow the example of the United States is devising some sort of bailout plan for the housing market. The US government recently announced a $700 billion proposal that would be aimed at bailing out Wall Street, although the plan has come under severe criticism because it will be the taxpayer that foots the bill, and many are concerned that most taxpayers will not even benefit from the plan. (more…)