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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%.
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Grovelawn Limited is Registered in England & Wales number 5030300. Registered Address: 98 Station Road, Sidcup, Kent, DA15 7BY.
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