According to recent reports many borrowers may start to benefit from the recent base interest rate cuts, as many lenders – under pressure from the Prime Minister, Gordon Brown – are now responding the recent rate cuts, and are cutting their own borrowing interest rates accordingly. In October of this year the Bank of England, along with other global central banks, applied a surprise base rate cut of 0.5% a day before the scheduled Monetary Policy Committee meeting, which is where interest rate movement is normally determined. (more…)
