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Thread: Interest rates down 1.5% - enough?

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    Regular Member MalcGSI's Avatar
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    Default Interest rates down 1.5% - enough?

    or should it have been more?

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    Regular Member Ste's Avatar
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    More than I expected. I thought it was going to be around 0.5 - 1% max.

    Is a good thing considering the economic climate, especially if all the banks follow suit with their rates too.

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    Regular Member Robbie69's Avatar
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    Quote Originally Posted by Ste View Post
    More than I expected. I thought it was going to be around 0.5 - 1% max.

    Is a good thing considering the economic climate, especially if all the banks follow suit with their rates too.
    THEY WON'T FOLLOW SUIT IN A HURRY UNLESS MR BROWN TELLS THEM!

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    Regular Member 67688c's Avatar
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    No good for savers though!

    Its one of the largest cuts I've ever seen in my lifetime, and is a good indication that the UK is in bigger SH*T than many people think.

    I see the sales of new cars are down drastically too, its not looking good fellers, hang onto your pennies.
    Last edited by 67688c; 6th November 2008 at 15:29.

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    Regular Member 67688c's Avatar
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    Quote Originally Posted by MalcGSI View Post
    or should it have been more?

    If it gets any lower they will soon be paying YOU to borrow their money.

    How many on here can remember mortgage rates of 15%.

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    Regular Member MalcGSI's Avatar
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    Quote Originally Posted by Cameron43 View Post
    No good for savers though!

    Its one of the largest cuts I've ever seen in my lifetime, and is a good indication that the UK is in bigger SH*T than many people think.

    I see the sales of new cars are down drastically too, its not looking good fellers, hang onto your pennies.
    The largest cut since 2% back in 1981.

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    Regular Member MalcGSI's Avatar
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    Quote Originally Posted by Cameron43 View Post
    If it gets any lower they will soon be paying YOU to borrow their money.

    How many on here can remember mortgage rates of 15%.
    Near enough, late 80's early 90's?

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    Being young and niave (SP?)

    How will this affect day to day living, will things get cheaper?
    I have just taken out a mortgage on a fixed rate for 3 years as i knoew it was what i could afford with the market seemingly all over the shop.

    Have they dropped the interest rate to allow more money to be swapped around and spent?

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    1 Apr 91 - 13.75%
    1 Mar 90 - 15.40%
    5 Oct 89 15.00%

    http://www.moneyextra.com/dictionary...ory-003455.php
    Now I need a turbo to keep up!

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    Regular Member MalcGSI's Avatar
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    The theory is that this will allow the banks to reduce the cost of borrowing to companies and individuals thus putting more money into the economy, however we will have to wait and see whether or not they pass the reductions on.

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