Bank Of England Cuts base Rate To 3%!!
http://www.domjam.co.uk/articles/84/1/Bank-Of-England-Cuts-base-Rate-To-3/Page1.html
By Ian Stuart
Published on 6/11/2008
The Bank Of England has just announced a 1.5% cut in the base rate to 3%!!
Waahaay!! I hear you cry. (that's if you're a borrower, not a saver)
This could, potentially, be great news for the housing market. I say 'potentially' as apparently over half the country's banks and lenders have yet to pass on the last reduction!
We know lenders are not legally obliged to pass on any reductions at all, but surely 1.5% in one fell swoop looks to me like the BoE saying ''just try not passing on all or some of that''!!!
After all , us good old taxpayers have just bailed out a lot of them, time for a bit of payback I say!!
It will be interesting to see if the govt/us owned Northern Rock lead the way!
Can't wait to see what happens next.
Waahaay!! I hear you cry. (that's if you're a borrower, not a saver)
This could, potentially, be great news for the housing market. I say 'potentially' as apparently over half the country's banks and lenders have yet to pass on the last reduction!
We know lenders are not legally obliged to pass on any reductions at all, but surely 1.5% in one fell swoop looks to me like the BoE saying ''just try not passing on all or some of that''!!!
After all , us good old taxpayers have just bailed out a lot of them, time for a bit of payback I say!!
It will be interesting to see if the govt/us owned Northern Rock lead the way!
Can't wait to see what happens next.