BoE cuts rates to 3.0%!!!

mr.broderick

morg_monster wrote: »

moneypenny hasn't been in the last 2 bond films :-( think they outsourced sexy secretary work to India.

Thanks that cheered me up, Feels like someone has set up a direct debit today paying no one £100 per month.

kennyboy66_2

!!!!!!? wrote: »

Remember, every action has a consequence. We have had a decade of ridiculously low rates which helped make this problem and the 'cure' mooted as the solution for the problem is .... more ridiculously low rates.

Somewhat more sensible than those who think that the 'cure' for a recession, falling house prices and rising unemployment is higher rates.

Just because policy has been wrong in the past, it doesn't mean we compensate by having the wrong policy now.

It was obvious that rates were coming down significantly, it was just a matter of when.

WTF?_2

Lotus-eater wrote: »

Right! I'm paying off the remaining mortgage now, whats the point having bloody savings!

As long as you leave some 'emergency' savings that's a very good idea in almost any circumstance.

I don't think that true continuous inflation over a long-ish period (as seen in the 70s) is possible in the UK any more due to the radical change in the economy. ie. We could see inflation for a short term but it would quickly end in disaster. In the 70s, being a major exporter we could handle an inflationary environment even if it wasn't ideal.

If you have the means to pay off your mortgage debt or at least make a big dent in it, it makes a lot of sense to do so now, irrespective of interest rates making borrowing 'cheap'.

Pobby

BiggaThanBen wrote: »

Do you expect to get a lower rate right now ? I thought most of them were 6%+ atm ...

Sorry. Didn`t make my self clear. I was alluding to boe base rates.

MissMoneypenny

morg_monster wrote: »

moneypenny hasn't been in the last 2 bond films :-( think they outsourced sexy secretary work to India.

You might see her back in the future. Someone on one of the other boards, said her mother's job was to advise business how to get out of their contracts with India.

Really2

!!!!!!? wrote: »

As long as you leave some 'emergency' savings that's a very good idea in almost any circumstance.

I don't think that true continuous inflation over a long-ish period (as seen in the 70s) is possible in the UK any more due to the radical change in the economy. ie. We could see inflation for a short term but it would quickly end in disaster. In the 70s, being a major exporter we could handle an inflationary environment even if it wasn't ideal.

If you have the means to pay off your mortgage debt or at least make a big dent in it, it makes a lot of sense to do so now, irrespective of interest rates making borrowing 'cheap'.

Really2 wrote:

When you have a debt virtualy non.
keep a 3-6 month buffer for worst case and pille the rest off your mortgage..

See he has not realy got me on his ignore list, he just wants to copy my answers.;) :rotfl:

mystic_trev

MissMoneypenny wrote: »

Just be grateful that you still have your job.

Royal Worcester - Founded 1751 just gone into administration.

Just an example of how bad this Recessions going to be, and why the BofE had to reduce by 1.50%

Pobby

Hey guys. All a bit of a different tatic this time . Last time it was "Oppps we are going into recession, better stick interest rates up. Oh by the way, best do the erm thingy, ah best get the rate up to 15%"

TITEASCRAMP

Its been said that most likely that by beginning of 2009 that rates will drop again.
If so
How low do yoou think they will go?
How long do you think this low rate business will go on for?

Really2

mystic_trev wrote: »

Royal Worcester - Founded 1751 just gone into administration.

Just an example of how bad this Recessions going to be, and why the BofE had to reduce by 1.50%

Sorry you can't have that one how many people buy tea services and figurines any more?

They have been in trouble for the last 20 years at least.

But Agree on the rate reduction.