Between last December and April of this year the base rate was cut three times, each time by 0.25%. In a surprise move earlier this month, a day ahead of the October Monetary Policy Committee meeting, the Bank of England cut the base rate by a further 0.5% taking it to 4.5%. it was hoped [...]
Since the onset of the global credit crunch consumers in the UK have been affected in many ways, with the cost of borrowing rocketing and with availability of finance in all sectors becoming more restricted and difficult. Many consumers have found that whilst they were able to get finance with relative ease a year or [...]
According to recent report the Nationwide Building Society is planning to pass on part of the latest base rate cut, although it will not be passing on the full rate cut to borrowers. Officials state that as of the start of November Nationwide will be reducing the interest rates on its standard variable rate mortgages [...]
According to a recent report lending amongst UK banks is getting even more difficult, and many of the banks and building societies in the UK are set to cut their lending level even more than they have over the past year, since the onset of the global credit crunch. This data comes from a report [...]
Earlier this week the Prime Minister, Gordon Brown, and the Chancellor of the Exchequer, Alistair Darling, announced that the UK base rate was being cut by 0.5% from 5% to 4.5% in a surprise move one day ahead of the Monetary Policy Committee meeting. Other central banks around the globe, including the US Federal Reserve [...]
Earlier this week the Prime Minister, Gordon Brown, and the Chancellor of the Exchequer, Alistair Darling, called a press conference where they announced that the UK’s base interest rate had been cut by 0.5% in an unprecedented move that saw central banks around the glob cutting their interest rates. The move came just one day [...]
The interest rates on some mortgage products are now almost the same as they were in the summer of last year before the onset of the global credit crunch, according to a recent report. Officials from Moneyfacts have recently researched mortgage interest rates, and have found that in many cases they average rates are only [...]
There has been a great deal of speculation over when and by how much the Bank of England will cut the base interest rate over the next year, with inflationary pressures coupled with the threat of recession making decisions challenging for the Monetary Policy Committee. A number of industry officials have now said that the [...]
One member of the Monetary Policy Committee, which is involves in cutting rates, has recently called for major cuts to the UK’s base rate in order to avoid an economic slump that could last for a long period of time. The warning comes from MPC member David Blanchflower, who has been consistently voting for a [...]
In a recent speech the governor of the Bank of England, Mervyn King, said that there was a good chance that any further interest rate cuts for the remainder of this year would be put on hold, with the central bank now concerned that the soaring rate of inflation is getting more and more out [...]
