No change on the BOE interest rate

Grovelawn Financial News 09/04/2009

← RBS to lose 4,500 employees | News For April 2009 | Mortgage approvals rise by 4 per cent →

The Bank of England has decided to keep the current interest rate on hold. The current rate of 0.5% is the lowest it has been and although popular with borrowers has caused worry and frustration for savers and particularly pensioners whose pensions are being severely stretched.

The bank began cutting rates back in October ’08 and has continued to do so on almost a monthly basis, this is the first time since then that it has allowed the rate to remain the same two months in a row.

The bank announced last month that it would buy £75billion worth of assets over a three month period and it has this week confirmed its plan is still viable and will continue to be implemented.

It has currently seen around £26 billion worth of assets purchased and although the bank has the power to speed up or slow down its purchases, has chosen not to do so although some commentators are concerned that there will not be enough time to complete the full programme of purchases.

← RBS to lose 4,500 employees | News For April 2009 | Mortgage approvals rise by 4 per cent →

The information contained within these news articles may include reference to taxation, legislation, regulation and other issues or concerns that may no longer apply.

Your property may be repossessed if you do not keep up repayments on your mortgage.

For more information on how we are paid for mortgages please click here.

Grovelawn Financial Services, 3b Restormel Industrial Estate, Liddicoat Road, Lostwithial PL22 0HD — T: 0845 458 2633