Base rate cut

Grovelawn Financial News 08/02/2008

← FSA may not be given additional powers | News For February 2008 | Norwich Union policyholders reap benefits →

MPC cut rate by.25%

The Bank of England's Monetary Policy Committee (MPC) voted to cut the base rate by 0.25%. Some retailers will be dissapointed as they had hoped for a bigger cut to take the rate to 5%. Unfortunately, some lenders had not passed any previous cuts on to the benefit of their mortgage customers, but there were signs that lenders had decided they will pass on the benefits to their hard pressed clients. Lloyds said they would pass on the full benefit as did HSBC and Barclays. HSBC said it would match any reduction the Bank made and would reduce its standard variable rate to 6.5%.

← FSA may not be given additional powers | News For February 2008 | Norwich Union policyholders reap benefits →

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