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Thread: "Interest expected to stay at 0.5%"

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    Default "Interest expected to stay at 0.5%"

    Here is some good news for a change..The Bank of England is this week expected to leave interest rates on hold for the first time since it started slashing borrowing costs in October.

    Bank of England is expected to leave interest rates on hold

    As well as keeping the Bank rate at a record low of 0.5%, the BoE is unlikely to announce any change on Thursday to its quantitative easing programme, under which it is creating £75 billion in new money to inject into the economy.

    Experts believe that policymakers will be reluctant to cut rates again due to the negative impact on banks' margins and their willingness to lend.

    It is possible that rates will remain at 0.5% for the rest of the year, with monetary policy focused on the quantitative easing started last month.

    Howard Archer, chief UK economist at Global Insight, said: "We suspect that interest rates are set to stay at 0.5% well into 2010 as we believe that GDP will contract through this year before the economy stabilises in early 2010..

    While mortgage approvals rose from 32,000 to 38,000 in February, while the Nationwide measure of house prices rose by 0.9% in March, the first monthly rise in that index in over a year.
    Last edited by NellyD; 5th April 2009 at 21:39.

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    Regular Member Hideous's Avatar
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    Still, 0.5% is crazy. No point in saving now, get out there and blow the lot

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    Regular Member G.O'Rilla's Avatar
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    yeah right

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    On a Sabbatical VauxVeteran's Avatar
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    I still can't figure out why personal loans are still 8%+ when the rates were low last time at 4.5% you could get a personal loan of 5.9% if you looked in the right place, so 0.5% is now 7.5% in difference, getting the bad debt money back anyone?

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    Full Member gibbon7000's Avatar
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    It's not god for savers but i'm not complaining as all these rate cuts has slashed £400 off my mortgage per month

    My other car. 1972 1641cc slammed beetle. On the road finally!!

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    Quote Originally Posted by Hideous View Post
    Still, 0.5% is crazy. No point in saving now, get out there and blow the lot

    I agree it is ridiculous, but it will to start to climb back up again towards Autumn. They need to make some money, and someone has got to pay for it. By all means, blow some by treating yourself to that brand new car, but keep some back for that rainy day, as one day you may be glad you did.

    There are still some deals around that will give over 4% on fixed 12month and 2 yr bonds, or for something more flexible which gives you access to your cash whenever you want make use of your ISA allowance, though may be a bit late for this financial year now...lol for example RBS's ISA Plus accounts give you 3.51% with no drop after 12 months as it does not include any startup bonus amount which some do for the first 12 months.
    ie. Shop around!
    Last edited by 67688c; 6th April 2009 at 00:05.

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    Quote Originally Posted by VauxVeteran View Post
    I still can't figure out why personal loans are still 8%+ when the rates were low last time at 4.5% you could get a personal loan of 5.9% if you looked in the right place, so 0.5% is now 7.5% in difference, getting the bad debt money back anyone?
    Banks being greedy Ian, one of the guys at work is getting married in May and just bought a house for him and his wife to be...

    He had a deposit of £50,000, which they both have been living at home with their parents, till the big day...

    They could not get the mortgage rate of 3% instead, they could only get 5%,even though they had a large deposit, it did not go in there favour...

    It was stated to him, if he had already had a mortgage, then he would qualify for the lower rate of 3%...

    A couple of people at work, have existing mortgages could freeze for a couple of years at the lower rate, where their mortgage come down from £650 to £295, what a saving...

    It does not seem far, that the banks are not helping first time buyers getting onto the property market, but good news on the existing mortage owners..

    One of the ladies at work, could not qualify, as she was fixed for another 5 years of the mortage and their where penatlies coming out...

    A lot of people I know, are looking to buy share homes with a housing association, so 50 50 and you pay a rent also...

    Why renting has gone up also and food for that matter...

    It is a very confussing time, one minute things are getting better and the next they predict doom and gloom..

    What is important is having you heath and things will get better, it might just take a little longer for the economy to pick up...
    Last edited by NellyD; 6th April 2009 at 00:16.

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