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Bank of England raise base rate to 5.75%

Kazza242
Kazza242 Posts: 2,203 Forumite
Part of the Furniture 1,000 Posts Photogenic Name Dropper
in Savings & investments
The Bank of England have raised UK interest rates from 5.50% to 5.75%, as widely predicted.

More info on the BBC website, here. I wonder how high rates will go?
Please call me 'Kazza'.
«1

Comments

  • Jonbvn
    Jonbvn Posts: 5,562 Forumite
    Part of the Furniture 1,000 Posts
    So which savings rates will follow suit?
    In case you hadn't already worked it out - the entire global financial system is predicated on the assumption that you're an idiot:cool:
  • Kazza242
    Kazza242 Posts: 2,203 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    Jonbvn wrote: »
    So which savings rates will follow suit?

    Indeed. We'll have to wait until Aug 1st for most rates to go up. NS&I and Icesave are usually quick of the mark though.

    Mr Mumble - fancy doing one of your savings rates threads?
    Please call me 'Kazza'.
  • Mr_Mumble
    Mr_Mumble Posts: 1,758 Forumite
    I'll put the "guaranteed rate rise" thread up in a few minutes Kazza :)
    "The state is the great fiction by which everybody seeks to live at the expense of everybody else." -- Frederic Bastiat, 1848.
  • obsessed_saver
    obsessed_saver Posts: 511 Forumite
    Part of the Furniture
    :beer:

    You guys are so reliable. :) I'm looking forward to Mr Mumble's thread. Always makes me happy to read about rate rises. :D
  • lisyloo
    lisyloo Posts: 30,094 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Always makes me happy to read about rate rises. :D

    Good for you :-)
    It coudl however cause hardship to a number of oridinary working people.

    Those that have stupidly overstreched themselves have only themselves to blame, but there are oridinary families out there that will be getting hit by council tax, fuel and mortgage rises.

    It's good for me but I still have some compassion for others who are not so fortunate.
  • obsessed_saver
    obsessed_saver Posts: 511 Forumite
    Part of the Furniture
    hehe. Yes. This is the Savings & Investment forum. I guess people are less happy in the Mortgages forum. And my username kind of gives away my allegiance. :lol:

    Anyway, I don't hear people on the property ladder being apologetic when the interest rates have been going down and the house prices shooting up. :shrug:
  • amcluesent
    amcluesent Posts: 9,425 Forumite
    >So which savings rates will follow suit?<

    I set my lending rates on Zopa to 6.8% this morning...
  • nilrem_2
    nilrem_2 Posts: 2,188 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    lisyloo wrote: »
    Good for you :-)
    It coudl however cause hardship to a number of oridinary working people.

    Those that have stupidly overstreched themselves have only themselves to blame, but there are oridinary families out there that will be getting hit by council tax, fuel and mortgage rises.

    It's good for me but I still have some compassion for others who are not so fortunate.

    TBF, just because someone declares that they are happy hearing about interest rate rises does not mean they are not compassionate to others who face difficulty. :) A lot of ordinary people are pensioners who depend on the income from their savings to live on.

    People complain about the 'high rates' now but when I bought my house rates were double what they are today!
  • undercoat11
    undercoat11 Posts: 103 Forumite
    Yes I think it is brilliant. I feel I have been waiting years for a decent return on the cash that I hold. I am hoping for more interest rate rises - I still remember getting 10% on cash a few years ago - it didn't seem worth investing in shares, etc because returns were so good ont he high street.
  • McSaver
    McSaver Posts: 609 Forumite
    This is brilliant news that the bank has opted for an increase in the savings rate, the lenders have had it their way for the majority of the last decade. Hopefully its our turn to see returns on our savings accounts... These Interest decisions are getting more important for me as the value of my savings increases over time. :D:D:D

    Hopefully its only a few more months before they move for 6%
    Had £80,000 in Savings - All GONE!!! BYE BYE
    :A Single, 27, Aspie, Gooner :A
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