When interest rates finally rise

jimjames

Sceptic001 wrote: »

Anyone here remember 16th September 1992?

Base Rate began the day at 10%, rose to 15% by mid-afternoon and then fell back to 12% by evening.

That's what happens when governments try to fiddle exchange rates. Thank goodness our political masters learned their lesson... Ooops, some of them didn't...

http://en.wikipedia.org/wiki/Black_Wednesday

I remember the day well. I drove to an interview with radio on and rates had jumped 2%. When I came out from the interview rates had jumped another 3%. Hard to believe that now. If you'd told someone then that rates would be 0.5% for 3 years with no change in sight everyone would have said you were crazy!