Woolwich to cut standard variable rate

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Woolwich to cut standard variable rate

Following the Bank of England's decision to cut interest rates today, Woolwich has announced that it is passing the full rate cut of 0.25 per cent on to its customers.

The cut will take effect from March 1st 2008 on Woolwich's standard variable rates and for all customers on base rate trackers.

Andy Gray, head of mortgages for the Woolwich, welcomed the base rate cut, saying that "mortgage affordability is stretched at the moment".

He also encouraged borrowers to look for a "competitive rate" and get "the best deal available".

The Bank of England stated today that it decided to reduce interest rates to 5.25 per cent in order to meet the two per cent target for Consumer Price Index inflation in the medium term.

Rising inflation, tough credit conditions for consumers and businesses and waning consumer spending growth all influenced the Bank's decision.
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