BOE raises Base rate to 5.5%

Steve_xx

Hooray - not everyone is mortgaged and in debt upto the hilt!!

gt94sss2

The Bank of England’s Monetary Policy Committee today voted to raise the official Bank Rate paid on commercial bank reserves by 0.25 percentage points to 5.5%.

More here

Regards
Sunil

Steve_xx

Interest rates raised to 5.5% - hooray!!

Mr_Mumble

Al_Mac wrote: »

And Tony Blair is going

Tony Blair's announcement being at the exact same time as the "bad" news about interest rates, how convenient .

james10999

Al_Mac wrote: »

And Tony Blair is going

Don't you mean ?

And this is really bad news for people with mortgages, we could see a lot more people going bankcrupt as it's hit a major high.

This is really bad news

sm9ai

Bad news?

Your in the savings and investment board - this is good news.

Well actually its an interesting one today. Is anyone happy?

I wanted, and felt there was reasons for a 0.5% increase.
Homeowners would have preferred a hold.

Nobodies happy lol.

Paul_Herring

And this is really bad news for people with mortgages, we could see a lot more people going bankcrupt as it's hit a major high.

5.5% isn't high. 12% is high.

People should not be taking out loans which stretch their finances when the interest rate is only 5.25%, and an extra 0.25% causes them to be pushed 'over the edge.'

ivegotabig1

Al_Mac wrote: »

Tony Blair had to go, Brown wont last.

Enjoy your short tenure Gordon !!! ... the numpties at the BOE brought rates down too low..too fast !! ... now the payback comes, wouldnt suprise me if there is more on the way later in the year either !

lisyloo

People should not be taking out loans which stretch their finances when the interest rate is only 5.25%, and an extra 0.25% causes them to be pushed 'over the edge.'

I agree.
People shouldn't be takin out loan, credit cards and huge personal debt, but they do and it could affect us all (as a recession will put lots of innocent people out of jobs).

Don't forget though that there have been 4 interest rate rises so I don't think your statement is quite correct.
They have gone up 1% since last August.

I would still agree that people shouldn't have taken loans (or should have fixed) if they couldn't stomach 1% but it's not quite as stupid as what you are suggesting.

McSaver

About time the rates have gone up as well. Shame it werent the 0.5% That was speculated in a few places but the quarter point will do. the last 3 were holds but i think the borrowerers have borrowed too much and the have to pay more.

A few years ago the rates were down at 3.5% and that really shouldnt of been allowed to happen. It was part of this countrys attempt to match EU conditions which wouldn't suit the UK with it being a nation of spenders.

islandannie

ivegotabig1 wrote: »

Enjoy your short tenure Gordon !!! ... the numpties at the BOE brought rates down too low..too fast !! ... now the payback comes, wouldnt suprise me if there is more on the way later in the year either !

That`s right.

Let`s bring Norman Lamont back.

Nothing like a 1% per hour rate rise to get a savers blood coursing through the veins.