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BoE cuts rates to 3.0%!!!
Comments
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BiggaThanBen wrote: »FTSE is up, sterling is up against dollar .. shouldn't it be falling now ? :-/
FTSE is down 1.9% not up (as at 12.45pm)0 -
Also people with student loans.. will see their repayments at 3.8% ... while the max they can get from a bank is 3%..... so student loans that were 'free'.... are actually costing students ... lovely little island we got here :P.0
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This will kill this months house transactions...as everyone postpones their mortgage deal trying to find something better/longer term...
In a months time, the media/markets are going to expect some sign that this has made a difference, and when it hasn't (it cannot in such a timescale) they push for at least another 1%, and in another months time, the same media/market expectation is going to be disappointed, and they push for another 1%...
That leaves us at 1%, and then what the hell do we do...we wait 6 months, the recession reverses, as it always would, and bang inflation hits. Heavens knows where Sterling will be.
Pensioners having their incomes decimated for 6-9 months, having eaten into their savings, though hopefully benefitting from higher rates by the summer will simply be handing it straight back in inflation, just in time for Winter 2009 fuel bills.
Too much, too quickly. Political expediency. Brown trying to get re-elected.
Shaming the banks into getting lending may have some merit, but the pace of rate changes has to be reversed - i.e. nothing more until at least March...0 -
Flipping `eck. And there was me wondering if they dare drop by a whole one per cent. Do you think they know summat we don`t?
Jeez - I didn't realise things were that dire. The UK economy is screwed.
Glad I've got half my savings not in Sterling...... feel sorry for the retired who have to live off of savings as prices are up at least 5% on the year in official (fiddled) figures yet their savings interest is about to fall away to next to nothing.--
Every pound less borrowed (to buy a house) is more than two pounds less to repay and more than three pounds less to earn, over the course of a typical mortgage.0 -
Also people with student loans.. will see their repayments at 3.8% ... while the max they can get from a bank is 3%..... so student loans that were 'free'.... are actually costing students ... lovely little island we got here :P.
Dont sound so bitter old boy, this is exactly what the country needs and at long last you will be able to buy your cheap home and tie yourself to cheap life time load from the woolich.0 -
Jeez - I didn't realise things were that dire. The UK economy is screwed.
Glad I've got half my savings not in Sterling...... feel sorry for the retired who have to live off of savings as prices are up at least 5% on the year in official (fiddled) figures yet their savings interest is about to fall away to next to nothing.
!!!!!!? surely you must be able to go out now and do the cheap house deal that you have been longer for? Mate I am really pleased for you.:beer:0 -
ad44downey wrote: »Are you so self-centred that you only see this major issue in terms of how it affects your own wallet in the short term? Have you no consideration of the long-term well-being of our nation?
That's basically the bottom line of the 'slash interest rates' crowd - they want cheaper mortgage repayments. Forget about the platitudes about saving the newly unemployed from repossession or helping businesses.
What they don't see in their short sighted imaginations is that interest rates aren't just an arbitrary figure that can be dialed to whatever level suits debtors. We'll be seeing the consequences of this move probably sooner rather than later now.--
Every pound less borrowed (to buy a house) is more than two pounds less to repay and more than three pounds less to earn, over the course of a typical mortgage.0 -
Still gobsmacked here! Mr. Brown promised me he had ended boom and bust. It was in The Mail so it must have been true. Poor soul, we would have been doing so well if those darn Yankees hadn`t borrowed so much on their mortgages. If they had done as we did all would be well!!!!!0
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Ok long story Realy here, changed my pasword, forgot it, then forgot my email account was not active doh.:mad:
Did most of us classed "bulls":rolleyes: say the rest of the world thought we were mad for our seemingly high inerest rates
£ Recovers = where is that inflation problem !!!!!!
-1.5% = I am shocked but £350 a month beter off in less than a month:eek:0
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