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06/12/2007
UK Interest Rates Cut
The Bank of England has reduced interest rates for the first time in more than two years, cutting them from 5.75% to 5.5%.
A rate cut had been expected amid signs that the economy was slowing.
The announcement by the Bank's Monetary Policy Committee will bring relief to consumers and businesses ahead of the Christmas period.
The cut is the first since August 2005 and follows surveys, which have shown a downturn in the housing market and a slump in consumer confidence.
Yesterday, Halifax reported that house prices in the UK dropped by 1.1% last month, while a report from Nationwide showed that consumer confidence had suffered its biggest monthly fall since the survey began in 2004, dropping by 12 points to 86 in November.
Both lenders have reduced their rates in line with the Bank of England's announcement.
(KMcA)
A rate cut had been expected amid signs that the economy was slowing.
The announcement by the Bank's Monetary Policy Committee will bring relief to consumers and businesses ahead of the Christmas period.
The cut is the first since August 2005 and follows surveys, which have shown a downturn in the housing market and a slump in consumer confidence.
Yesterday, Halifax reported that house prices in the UK dropped by 1.1% last month, while a report from Nationwide showed that consumer confidence had suffered its biggest monthly fall since the survey began in 2004, dropping by 12 points to 86 in November.
Both lenders have reduced their rates in line with the Bank of England's announcement.
(KMcA)
Related UK National News Stories
Click here for the latest headlines.
08 September 2005
Interest rates remain on hold at 4.5%
The Bank of England has left interest rates unchanged at 4.5%, as expected by many analysts. Last month, the Bank’s Monetary Policy Committee (MPC) reduced interest rates from 4.75% to 4.5%, amid fears of a slowdown in economic growth and a slump in consumer spending.
Interest rates remain on hold at 4.5%
The Bank of England has left interest rates unchanged at 4.5%, as expected by many analysts. Last month, the Bank’s Monetary Policy Committee (MPC) reduced interest rates from 4.75% to 4.5%, amid fears of a slowdown in economic growth and a slump in consumer spending.
07 August 2008
Interest Rates Held
The Bank of England has kept interest rates at 5% for the fourth month in a row in a bid to balance slow growth and rising inflation. The Monetary Policy Committee's (MPC) primary goal is to reduce the current inflation rate of 3.8% to the Government target of 2%.
Interest Rates Held
The Bank of England has kept interest rates at 5% for the fourth month in a row in a bid to balance slow growth and rising inflation. The Monetary Policy Committee's (MPC) primary goal is to reduce the current inflation rate of 3.8% to the Government target of 2%.
09 November 2007
Interest Rates On Hold But Cut Likely Soon
Mounting pressure for a cut in the UK's interest rate hasn't produced one yet, but the good news for borrowers is that the Bank of England has at least kept interest rates on hold at 5.75% and indications are that a cut is due next time.
Interest Rates On Hold But Cut Likely Soon
Mounting pressure for a cut in the UK's interest rate hasn't produced one yet, but the good news for borrowers is that the Bank of England has at least kept interest rates on hold at 5.75% and indications are that a cut is due next time.
08 January 2009
Interest Rates Reach All-Time Low Of 1.5%
The Bank of England has cut interest rates to 1.5%, as it is rumoured the Chancellor is considering printing more money in an attempt to alleviate the pressures of the credit crunch. The Bank's Monetary Policy announced the cut of 0.5 percentage point, taking it to its lowest level in its 315-year history.
Interest Rates Reach All-Time Low Of 1.5%
The Bank of England has cut interest rates to 1.5%, as it is rumoured the Chancellor is considering printing more money in an attempt to alleviate the pressures of the credit crunch. The Bank's Monetary Policy announced the cut of 0.5 percentage point, taking it to its lowest level in its 315-year history.
06 November 2008
Bank Of England Slashes Interest Rates To 3%
The Bank of England has reduced interest rates by 1.5% in a dramatic attempt to rescue Britain from the grip of recession. The cut - which takes interest rates to 3% - follows widespread calls from industry for a major reduction, as the country faces the prospect of a deep recession.
Bank Of England Slashes Interest Rates To 3%
The Bank of England has reduced interest rates by 1.5% in a dramatic attempt to rescue Britain from the grip of recession. The cut - which takes interest rates to 3% - follows widespread calls from industry for a major reduction, as the country faces the prospect of a deep recession.
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Northern Ireland WeatherThis Evening and 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.
