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09/01/2009
Interest rates cut to record levels |
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Interest rates are at their lowest since the central bank was founded in the 17th century.
Yesterday, the Bank of England's monetary policy committee (MPC) voted to cut interest rates by 0.5 percentage points to 1.5 per cent, in news that may interest those who are looking to buy property.
The MPC stated that the global economy appears to be going through an "unusually sharp and synchronised downturn" and there is a need to increase the "flow of lending to the non-financial sector".
Since October, a total of 3.5 percentage points have been cut from the base rate by the Bank of England.
Responding to the decision, the Council of Mortgage Lenders said the cut is a "double-edged sword" as lower mortgage rates could help borrowers repay their mortgage debt in less time but lower savings rates will limit lenders' ability to attract savers and improve the flow of lending.
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