Menu
04/10/2001
UK interest rate receives further cut
The UK interest rate has been cut for the sixth time as economies around the world attempt to stem the effects of the current global climate of uncertainty.
On Thursday October 4, the Bank of England’s Monetary Policy Committee announced a further 0.25 per cent cut, a move which brings the UK base rate down to 4.5 per cent, its lowest level in nearly 40 years.
In a statement describing the decision, the Bank said that it believed the domestic economy of the UK would be less adversely affected than the US by the recent downturn in worldwide economic performance.
“But the weaker world outlook and increased uncertainty have set UK back business and consumer confidence – and may – for a time, restrain business and household spending,” the statement warned.
Recent reports on UK economic sectors have produced conflicting indications of the relative performance of various sectors of the economy. A report from the CBI on the retail supply sector indicted that this market had performed well, but a report on the UK service sector indicated that this area of economic activity had declined for the first time in three years.
A report on Wednesday from the Halifax showed that house prices had stalled last month, and the Halifax predicted that house prices would slowdown further in the next few months.
However, one of the main factors standing in the way of a cut in the interest rates is the UK inflation figure has risen above the government’s 2.5 per cent target, in August the inflation rate hit 2.6 per cent.
On Tuesday the US Federal Reserve announced the second 0.5 per cent rate cut in the wake of the terrorist attacks on the US. The US base rate now stands at 2.5 per cent. (SP)
On Thursday October 4, the Bank of England’s Monetary Policy Committee announced a further 0.25 per cent cut, a move which brings the UK base rate down to 4.5 per cent, its lowest level in nearly 40 years.
In a statement describing the decision, the Bank said that it believed the domestic economy of the UK would be less adversely affected than the US by the recent downturn in worldwide economic performance.
“But the weaker world outlook and increased uncertainty have set UK back business and consumer confidence – and may – for a time, restrain business and household spending,” the statement warned.
Recent reports on UK economic sectors have produced conflicting indications of the relative performance of various sectors of the economy. A report from the CBI on the retail supply sector indicted that this market had performed well, but a report on the UK service sector indicated that this area of economic activity had declined for the first time in three years.
A report on Wednesday from the Halifax showed that house prices had stalled last month, and the Halifax predicted that house prices would slowdown further in the next few months.
However, one of the main factors standing in the way of a cut in the interest rates is the UK inflation figure has risen above the government’s 2.5 per cent target, in August the inflation rate hit 2.6 per cent.
On Tuesday the US Federal Reserve announced the second 0.5 per cent rate cut in the wake of the terrorist attacks on the US. The US base rate now stands at 2.5 per cent. (SP)
Related Northern Ireland Business News Stories
Click here for the latest headlines.
02 October 2001
US rate cut expected to battle economic recession
The US Federal Reserve was widely expected to cut interest rates for the ninth time this year in a bid to help stave off a recession and fight the effects of the terrorist attacks on the US. With the US economy edging closer to recession many analysts were anticipating a 0.25 per cent rate cut, but a 0.5 per cent cut was not being ruled out.
US rate cut expected to battle economic recession
The US Federal Reserve was widely expected to cut interest rates for the ninth time this year in a bid to help stave off a recession and fight the effects of the terrorist attacks on the US. With the US economy edging closer to recession many analysts were anticipating a 0.25 per cent rate cut, but a 0.5 per cent cut was not being ruled out.
21 February 2002
Nationwide offers blanket deal on mortgage compensation
Nationwide, the UK's biggest building society, are to compensate 400,000 of their members who were not offered the same mortgage deals as those offered to new members. The society will move all their existing variable rate borrowers onto a lower rate, which will cost Nationwide an estimated £90 million.
Nationwide offers blanket deal on mortgage compensation
Nationwide, the UK's biggest building society, are to compensate 400,000 of their members who were not offered the same mortgage deals as those offered to new members. The society will move all their existing variable rate borrowers onto a lower rate, which will cost Nationwide an estimated £90 million.
24 March 2016
Views Sought On Small Business Rate Relief Scheme
Views are being sought on alternatives to the Small Business Rate Relief Scheme as part of an evaluation being carried out by the Ulster University’s Economic Policy Centre (UUEPC).
Views Sought On Small Business Rate Relief Scheme
Views are being sought on alternatives to the Small Business Rate Relief Scheme as part of an evaluation being carried out by the Ulster University’s Economic Policy Centre (UUEPC).
27 November 2012
Small Business Rate Relief Scheme Welcomed
SDLP MLA for Newry and Armagh Dominic Bradley has welcomed a statement from Finance Minister Sammy Wilson today regarding the extension of support regarding the Small Business Rate Relief (SBRR) Scheme.
Small Business Rate Relief Scheme Welcomed
SDLP MLA for Newry and Armagh Dominic Bradley has welcomed a statement from Finance Minister Sammy Wilson today regarding the extension of support regarding the Small Business Rate Relief (SBRR) Scheme.
17 July 2012
Minister Seeks Views On Small Business Rate Relief Scheme
Finance Minister, Sammy Wilson, today announced an in year review of the Small Business Rate Relief scheme, which was extended in April 2012. The focus of the review is to assess how well the scheme is operating and the specific costs of the expanded scheme.
Minister Seeks Views On Small Business Rate Relief Scheme
Finance Minister, Sammy Wilson, today announced an in year review of the Small Business Rate Relief scheme, which was extended in April 2012. The focus of the review is to assess how well the scheme is operating and the specific costs of the expanded scheme.
-
Northern Ireland WeatherToday:A showery start with outbreaks most frequent north of Lough Neagh and through the morning, before dwindling during the afternoon as the northwest breezes ease and brighter spells of weak sunshine prosper. Maximum temperature 8 °C.Tonight:A dry night, save for a few light showers around the coasts, with prolonged clear spells and light winds bringing a frosty dawn for many in central and southern parts. Minimum temperature -3 °C.
