Bank Interest Rate Cut by 1%
Published / Last Updated on 03/12/2008
The Bank of England has cust interest rates again for a second consecutive month by 1% to just 2%.
Interestingly, 1951 was also the year that the UK stockmarket finally recovered from the 1930's Great Recession. It took nearly 20 years and a World War for the UK stockmarket to recover its postion before the start of the Great Recession!
We suggest this cut will encourage the economy provided interest rate cuts are passed onto borrowers and increased lending to business although as yet only a few lenders have confirmed they will pass on the rate reduction.
HSBC , Bristol & West and Lloyds TSB, have confirmed their standard variable rate mortgages will be cut by the full one percent., others are remaining tight lipped at the moment.
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