What will the BOE rate be set at this month?

[Deleted User]

Does it really matter what they do later today?Base rates have now got to the point already where they have little or no impact on the retail money markets,i.e.what you and i pay to borrow,and what they pay us to invest.
Having said that they will probably drop for the last time and to 0.5%,then it will be time to start printing money,then god help us all.We could be in such a mess this time next year that non of them will want to win the general election because doing so would mean 4 years in power followed by 40 years out of power.

Adebisi

woodbine wrote: »

Does it really matter what they do later today?Base rates have now got to the point already where they have little or no impact on the retail money markets,i.e.what you and i pay to borrow,and what they pay us to invest.
Having said that they will probably drop for the last time and to 0.5%,then it will be time to start printing money,then god help us all.We could be in such a mess this time next year that non of them will want to win the general election because doing so would mean 4 years in power followed by 40 years out of power.

It matters massively to people on trackers - like me!! :j :beer: :j

Cannon_Fodder

lethal0r wrote: »

...because of all the recent frequent large drops it is a matter of course. but if the government was planning to drop to 0.5%, then why didnt they just do it last month?

That kind of pre-supposes that the Govt have a plan...

econo_2

Why does it continue to be churned out that 'it won't make any difference if the rates are cut further'?
I know plenty of people who have seen mortgage payments 1/2 in the rate reduction cycle and there are many people coming off higher fixed rate mortgages down to rock bottom SVR rates everyday. That is huge amounts of money that is now going into their monthly households.

To say it's all going on mortgage over payments is ridiculous. Do we all really think most have learnt and are now bastions of economic prudence? For some it will be like 2006 Christmas has come again and for those who are paying back loans it is still money returning to the banking system.

Please, the nonsense of 'it makes no difference' has to stop.

Oh and it will be 0.5% this month, my red briefcase told me so.

Yoshua

econo wrote: »

Why does it continue to be churned out that 'it won't make any difference if the rates are cut further'?
I know plenty of people who have seen mortgage payments 1/2 in the rate reduction cycle and there are many people coming off higher fixed rate mortgages down to rock bottom SVR rates everyday. That is huge amounts of money that is now going into their monthly households.

To say it's all going on mortgage over payments is ridiculous. Do we all really think most have learnt and are now bastions of economic prudence? For some it will be like 2006 Christmas has come again and for those who are paying back loans it is still money returning to the banking system.

Please, the nonsense of 'it makes no difference' has to stop.

Oh and it will be 0.5% this month, my red briefcase told me so.

When people say it wont make much difference they are refering to the fact that only a very small percentage of mortgages are tracking the BOE BR.

Its true to say that even if the BR went down to nothing like Japan and USA you still wont be able to get a new mortgae for less than 4 or 5% unless you have huge deposit and A+ credit rating.

RainMaker_2

I don't see how they can take the extreme action of printing money (sorry quantitive easing) until they have exhausted the base rate option.

50 basis point cut today please, sir.

pickles110564

Thrugelmir wrote: »

There will be a considerable number of people coming off 2 year tracker fixes over the coming months. They won't be so happy with their mortgage repayments then!

It does with my lifetime tracker BTL mortgages with the Coventry that dont have a collar, if it falls by 0.5% today then it will 1.25% Rate for me.

tezmo

Forgive my ignorance, but at what time in the day will the announcement (one way or the other) arrive?

[Deleted User]

In about a minute.. i believe it's announced at noon

worldtraveller

As widely expected the BOE MPC has reduced interest rates by 50 points to 0.5%.

My guess is that that will now be the end of it. Next move upwards!

Government will be buying assets to create £75 billion over the next 3 months.