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MSE News: Base rate held at 0.5% again
Former_MSE_Helen
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"The base rate has today been held at its 0.5% historic low once again, the Bank of England has announced ..."
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Base rate held at 0.5% again
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Base rate held at 0.5% again
This thread is not in the 'discuss house prices and economy board' as that is only open to those logged into the forum so anyone coming from the news story may not be able to see it.
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My Nationwide mortgage rate is allowing me to overpay every month so I cannot complain. I hope the BoE rate will remain at 0.5% until 2015 at least.
When it gets down to this level the only practical way they can reduce it further is by printing money, which they have already done to the point where the real interest rate is about -4% (interest rate minus the real inflation rate)
http://en.wikipedia.org/wiki/Zero_interest_rate_policy
http://en.wikipedia.org/wiki/Liquidity_trap
Has anyone ever escaped from ZIRP?
Like all religions, the Faith of the Invisible Pink Unicorns is based upon both logic and faith. We have faith that they are pink; we logically know that they are invisible because we can't see them.
Good for you... meanwhile the nations pensioners and savers are bailing you and the banks out.
Good news about now QE anyway
If you do like it please hit the thanks button.
No good for those outside their clique because their money is worth less.
You are a saver with no debts and you don't want a base rate increase only because you have fixed and it would annoy you! :eek:
Most savers are sick of low rates and would welcome just a little interest increase to give them some hope for the future.
It's not too bad for people like us with fixed rate savings who can tie up cash for several years, at least we can get around 3 or 4% but spare a thought for poorer people who in some cases are getting less than 0.5% on their modest savings.
Personally even if rates do increase I don't think it will be by much and I don't think it will make much difference to fixed rates which are more influenced by libor rates than BOE ones. However a BOE rate will probably lead to a little extra for non fixed accounts.
We are continually being informed that the Financial situation we are in has been caused because people have been living beyond their means and borrowing without the means to pay it back, so what do they do? Lower rates so that it is easier for people to borrow more!
It would be helpful if low rates had improved things but to date this has not happened, in the past when people borrowed beyond their means rate went up not down!
The criminal central banking cartels and their government henchmen are doing the only thing left they can do to sustain their crooked empire.
Deflating government debts and what's left of the property bubble they all bet the house on profiting from, by taking even more wealth from those trapped within their legal tender fractional reserve system of theft who still have some left to take.