Interest Rate Cuts... Will it help?

Davesnave

Cue the fixed-rate savers like me, smiling, because they're still getting 6.5%

But as Macmillan once said, in relation to never having had it so good: 'How long can it last?' In my case, only till next December.

chucky

there's been a fair bit of banter thrown about with the halifax numbers... probably a bit more with the amount of mortgage payments with rate cut but i'll resist...

are there any STR's who are actually worse off now or even worried about timing due to savings rates being slashed and also mortgages looking much cheaper at the moment?

caravananders

The bank of england has reduced them to 1% http://news.bbc.co.uk/1/hi/business/7871932.stm

I suppose its good news for mortgage payers. I'll have a few more pennies in the old wallet but not for my savings. It seems like they're not going to please all of the people all of the time.

I just hope it helps businesses kick start the economy back into life.

Snooze

Really2 wrote: »

Sorry I could not do that to you with the halifax figures today that would be a wind up to far:o . (but its £830 down to £215 from August:D )

Well done :T . My mortgage is down £0 per month from £0 per month so I don't really care what the BoE rate is.

Rob

MRSTITTLEMOUSE

purch wrote: »

0207 601 4444

ask for Merv

I was being serious,what is it trying to achieve by keep reducing the interest rates.

Really2

MRSTITTLEMOUSE wrote: »

I was being serious,what is it trying to achieve by keep reducing the interest rates.

Reducing the cost of debt and borrowing for business's

so companies try to expand or retain staff.

Basicly trying to stop the rot or at least slowing it down untill a recovery starts.

Cannon_Fodder

you are supposed to get down to, or close to, zero before starting quantitative easing, apparently...

if they've already made their minds up that it will happen, then these reductions are inevitable, but being spaced out a little so as not to smack of quite as much panic...

pickles110564

dervish wrote: »

Aanother bitter blow for us savers...

http://news.bbc.co.uk/1/hi/business/7871932.stm

It is people like you why the country is in such a mess, if you had spend instead of saving we would not be in this recession.

Really2

Check out the money markets.

The market must have factored in a bigger cut.

Big jumps agains the $ and the euro (we were down slightly thismorning)

Cannon_Fodder

pickles110564 wrote: »

It is people like you why the country is in such a mess, if you had spend instead of saving we would not be in this recession.

If we all spend until there are no savings left anywhere in the country, where will they find mortgage funds from????

I suppose we will just borrow some more, and not only drop our children, but also drop our grandchildren into the debt bubble that is currently being inflated.