Bank Of England cut interest rates by 1.5%

[OZZYMC]

Lucky for all you guys over there hope the same for here

[vinny]

its whether the banks follow suit though

[OZZYMC]

I hope so.It will give a serious lift if they do. Savings of maybe 150+ a month on an average mortgage...

[topaz]

mine tracks the BOE rate so i'm happy

[TimGR]

tw*ts

Looks like inflation will be on the up, and the pound will go down the tubes then...

So it will be cheaper to borrow money (if the banks are willing to loan it), but almost everything you buy (not British made) will go up.

[topaz]

lol, just checked online, my new mortgage rate is 3.75% bargain

[Martin]

My mortgage (or whats left of it) is BOE tracking

Shame my savings are gonna make worth Sweet FA though

[TimGR]

Shame my savings are gonna make worth Sweet FA though

Yeah it's a bummer. Where are the banks going to get their money if there's no point in putting your savings with them

[steven f]

how many people will go out and borrow more now its cheaper

[graham John]

but a cut in rates has to be good news, what with all the doom and Gloom of late, reminds me of the early 1980's


cheeRS

[Joe]

Interest rate cut

Short term deflation with a pile of inflation around the corner. Sterling could be the new toilet paper. Anybody notice loads of tracker mortgages being withdrawn today?

With some banks offering 6% plus fixed rate saving rates they will be loving lending the hard to get for peanuts.

What happens when peoples trackers finish and rates have bumped back up?

Gold coins, dinky toys and a MK2 RS seem to bet good bet .

Interesting times.

Joe.

[daytona_2000]

intersting times indeed.

i never have put any spare cash in the bank it always goes into buying parts and collectible items , and i do a damn sight better than what the bank would give me in interest thats for sure

[TimGR]

but a cut in rates has to be good news, what with all the doom and Gloom of late, reminds me of the early 1980's


cheeRS

Think it got worse into the late 80s

But the difference then was that the interest rates at the banks were close to 20%.

Now with the base rates at historic lows (lowest in 54 years) where does it go from here?

As above - inflation and devaluation are on the way.

[plentysideways]

As above - inflation and devaluation are on the way.

Too Bl~~dy true