Fool.co.uk: More rate cuts desired by consumers

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Fool.co.uk: More rate cuts desired by consumers

Fri 7th Nov 2008

Finance website Fool.co.uk has called for further rate cuts to be made after the Bank of England cut interest rates by 1.5 per cent to three per cent.

According to a recent poll by the site, consumers on average expect interest rates to fall by 2.85 per cent and 78 per cent hope that they will drop to less than three per cent.

David Kuo, head of personal finance at Fool.co.uk said that the faltering economy is in "desperate need of a jolt" and that the Bank of England needs to act quickly.

He observed that the Bank of England's rate cuts have not been passed on in full to consumers and said that it would happen in time "but only if the Bank continues to cut hard and cut fast".

Last month, Fool.co.uk warned that 70 per cent of people have less than a fifth of their monthly income left over after they have paid their household expenses.

This means they are unprepared for a recession, the website said.

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