BOE cuts base rate to 0.1%

Tildaplum

No hope for us savers...

keyboardworrier

Where can we turn to? P2P looks to be on dodgy ground, the markets are plummeting, there really is no hope!

[Deleted User]

Gold and Bitcoin, the only two forms of hard money is existence.

bowlhead99

keyboardworrier said:

Where can we turn to? P2P looks to be on dodgy ground, the markets are plummeting, there really is no hope!

Nobody is expecting that they were going to get rich off the money in their bank account whether the base rate was 0.75, 0.25 or 0.10%. You might be better off with interest rate at 0.1% and inflation at 0.2% than you were with interest rate at 0.75% and inflation over 1%.

If the markets are still plummeting (rather than bottoming out), then it will not be long before bargains are unearthed, as they can't plummet forever.

d63

how is this new rate cut supposed to help exactly? 
 won't the extra quantitative easing also announced to £645 billions just  make inflation worse?
guess i should have taken that course in economics when i had the chance.

Thrugelmir

keyboardworrier said:

Where can we turn to? P2P looks to be on dodgy ground, the markets are plummeting, there really is no hope!

Buy premium bonds. 

Albermarle

Also since the announcement of the rate drop , the Pound has gone up , so I think I had better get a new economics book  
In fact it was on its way up anyway after probably being oversold yesterday .

worldtraveller

Also £200 billion more Quantitative Easing.....Printy, printy, printy!

EdGasketTheSecond

The BoE and Gov't are desperate. A crash is coming the likes of which has not been seen. Gold and silver the only place to be now.

Retireby40

Albermarle said:

Also since the announcement of the rate drop , the Pound has gone up , so I think I had better get a new economics book  
In fact it was on its way up anyway after probably being oversold yesterday .

Big swing from £1=1.06 yesterday and to 1.09 and rising in 24 hours. In process of moving money from euros to pounds and looks like I've gotten my timing slightly wrong. Held of yesterday and did some transfers at around 1.065 hoping it would drop a bit more or stay similar. Looks like now could be the time to do the remaining transfers before it goes back up over 1.10

Ocelot

EdGasketTheSecond said:

The BoE and Gov't are desperate. A crash is coming the likes of which has not been seen. Gold and silver the only place to be now.

Silver is extremely low and has dropped 20% this week. The gold/silver ratio is 120, almost 20% higher than it's previous all time record.