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06/11/2008
NI Welcomes Slashed Interest Rate
There has been a broad welcome for the Bank of England's decision to cut interest rates in the UK to 3%.
Interest rates are at their lowest since 1955, and the one-and-a-half percentage point cut is the biggest since 1981.
NI Chamber of Commerce president Bro McFerran said: "If you think about exports for example, it should make our exports cheaper, so it should stimulate business there," he said, noting the move was very good news for Chamber members.
Likewise, the NI Independent Retail Trade Association said it was more than could have been hoped for, with Glyn Roberts, of NIIRTA responding: "We hope that this will kick start the economy and also reduce the mortgage burden on consumers.
"Both the Ulster Bank and PwC have produced reports this week stating that our retail sector in Northern Ireland will be hard hit with this economic downturn and we hope that this 1.5% reduction will go some way to restoring consumer confidence."
The huge cut comes on the back of an emergency half-point cut last month and has surprsied many commentators who said that the last time the interest rate reached such a low figure was in 1955.
Also, the central bank has not cut interest rates by more than half a point since it was made independent in 1997.
In advance of the news being made public, Prime Minister Gordon Brown said in the House of Commons yesterday: "What we've been trying to do over the last few weeks is get the liquidity into the system, recapitalise our banks and then get them to resume the lending that is necessary."
See: Bank Of England Slashes Interest Rates To 3%
(BMcC)
Interest rates are at their lowest since 1955, and the one-and-a-half percentage point cut is the biggest since 1981.
NI Chamber of Commerce president Bro McFerran said: "If you think about exports for example, it should make our exports cheaper, so it should stimulate business there," he said, noting the move was very good news for Chamber members.
Likewise, the NI Independent Retail Trade Association said it was more than could have been hoped for, with Glyn Roberts, of NIIRTA responding: "We hope that this will kick start the economy and also reduce the mortgage burden on consumers.
"Both the Ulster Bank and PwC have produced reports this week stating that our retail sector in Northern Ireland will be hard hit with this economic downturn and we hope that this 1.5% reduction will go some way to restoring consumer confidence."
The huge cut comes on the back of an emergency half-point cut last month and has surprsied many commentators who said that the last time the interest rate reached such a low figure was in 1955.
Also, the central bank has not cut interest rates by more than half a point since it was made independent in 1997.
In advance of the news being made public, Prime Minister Gordon Brown said in the House of Commons yesterday: "What we've been trying to do over the last few weeks is get the liquidity into the system, recapitalise our banks and then get them to resume the lending that is necessary."
See: Bank Of England Slashes Interest Rates To 3%
(BMcC)
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08 January 2009
Interest Rates Slashed - Again
On foot of today's news that the Bank of England (pictured) has cut interest rates to 1.5% - a further 0.5% decrease in the Base Rate - a local bank, the Northern, has reduced interest rates on all its Base Rate and Standard Variable Rate related products by the same amount.
Interest Rates Slashed - Again
On foot of today's news that the Bank of England (pictured) has cut interest rates to 1.5% - a further 0.5% decrease in the Base Rate - a local bank, the Northern, has reduced interest rates on all its Base Rate and Standard Variable Rate related products by the same amount.
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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.
