Consumers can act against inflation, says Fool
www.moneynews.co.uk > Mortgages > Consumers can act against inflation, says Fool
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Money News |
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Consumers can act against inflation, says Fool
Fri 8th Feb 2008
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David Kuo, head of personal finance at Fool.co.uk, claims the Bank of England (BoE) cuts to the base interest rate to 5.25 per cent will be at the expense of low inflation.
He called for homeowners to take more control over their money and make it work for them.
He said paying down the mortgage was one of the top ways homeowners could do this.
"If you are currently paying six per cent interest on your mortgage, as a standard-rate tax payer you would need to earn interest at 7.5 per cent.
"A higher-rate tax payer would need to find an account paying 10 per cent."
He added the BoE was responsible for inflation and the threat of recession, while homeowners only needed to be concerned with inflation.
The BoE's 0.25 per cent cut to the base rate has not dispelled concerns over the economy, the Independent suggests.
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