News - Interest Rate 2008
Interest Rate down to 5.0 %
10th April 2008
Interest rates cut by a quarter of a point to 5%, as the Bank of England
tries to counteract the widespread credit crisis on the housing market.
7th February 2008
The Bank of England's monetary policy committee have today decided
to cut the UK interest rate by a quarter point to 5.25%.This is the
second reduction in three months, and thought to be in response to the
slowing down of the housing market and consumer spending. Many analysts
believe today's reduction is necessary for the UK economy and are predicting
further cuts in the interest rate this year.
10th January 2008
The Bank of England's Monetary Policy Commitee voted to leave the UK
base rate unchanged at 5.5% amid fears of growing inflation.The decision
came in the wake of mixed signals from the high street with Sainsbury's
and John Lewis reporting a good Christmas but Marks & Spencers and
DSG who own Curry's and PC World flagging up profits warnings.
6th December 2007
Good news for borrowers as the Bank of England's Monetary Policy Commitee
cut the UK Base rate by a quarter percent down to 5.5% - the first drop
since August 2005. The reduction was seen by the City as an essential
response to prevent the slow down in the UK economy turning into an
out-and-out slump. Recent reports by two major UK building societies
indicated a further slide in house prices and retailers were reporting
a quieter than normal high street.
November - December
2007 Base Rates
October 2007 Base Rates
September 2007 Base Rates
August 2007 Base Rates
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