Interest rates cut to 0.5%
www.moneynews.co.uk > Mortgages > Interest rates cut to 0.5%
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Money News |
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Interest rates cut to 0.5%
Thu 5th Mar 2009
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The Bank's monetary policy committee met today to set the base rate for March and opted for a cut by half a percentage point in a bid to combat economic pressures.
Mortgage customers on tracker products are certain to welcome the news, as it will reduce their monthly repayments. However, savers are unlikely to be as pleased, should their banks pass on the cut to account holders.
The drop comes after last month's decision to reduce the rate to one per cent - setting a record low for interest.
While economists have generally been less confident in forecasting the latest cut, nine out of 11 experts polled by Adfero predicted that the bank would err on the side of a further reduction.
Announcing the new rate, the Bank also revealed it is to begin an asset purchase programme worth £75 billion.
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