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BoE keep Base Rate at 4.75%
Shrimp_Stu
Posts: 155 Forumite
The Bank of England has kept the interest rate at 4.75% for the 11th month in a row.
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Comments
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Hopefully we see a drop next month, any idea how many people voted for lowering/holding/raising?0
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Given other events today, leaving it where it was/ is seemed likelyAny posts on here are for information and discussion purposes only and shouldn't be seen as (financial) advice.0
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You will have to wait for the minutes of the meeting before you know the breakdown of the votes, in June, 2 people voted in favour to cut rates while the remaining 7 voted to keep rates unchanged.Mark Hughes' blue and white army0
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As the interest rate has remained unchanged,I was a bit surprised to get letters this week about two of my accounts where the rate has just gone down.Nationwide cash mini ISA down from 4.8% to 4.75%(going from memory here,but I think I'm correct),also the Alliance & Leicester online account,down from 5.35% to 5%.The A & L have also closed this account to new savers,after I recommended it to all my friends. :mad:0
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The reason why the banks are cutting rates is because the interbank rates have fallen from about 5.2% in March to about 4.75% today...0
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river_kwai wrote:You will have to wait for the minutes of the meeting before you know the breakdown of the votes, in June, 2 people voted in favour to cut rates while the remaining 7 voted to keep rates unchanged.
The month prior showed the votes against holding the rate, were favouring an increase so there has definately been a swing in opinion.I am a Mortgage Adviser
You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
It all depends on the strength of the pound. With the FTSE rebounding, but the pound continuing to slide, I'm not sure the Bank has much room for maneouvre.
Cutting interest rates next month would seriously undermine the currency. But no doubt they'll give in to constant bleating from lenders, retailers, Estate agents etc etc etc and cut.0 -
I wouldnt be predicting anything until the Minutes are released from the meeting.Save save save!!0
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Yeh its 50/50
Though if cos of London the ftse had tanked then the rate cut would have seemed a certainty.0
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