UK Money News
10th December 2007
Current situation 'will inform 2008 troubles'
The current circumstances in which borrowers find themselves will dictate how much help with finance matters they need in 2008, one personal finance institution has claimed.
According to the Council of Mortgage Lenders, the year ahead looks to be harder for lenders, but individual consumers will be affected differently depending on which personal finance products they have.
Sue Anderson, head of external affairs at the CML, said that the interest rate cut implemented by the Bank of England's monetary policy committee last week was likely to be welcomed by many.
"It is exactly what the market needed, it helps to underpin confidence again and it helps to restore faith that the authorities do have an eye on what is happening on the consumer side of the economy," she asserted.
The Bank of England cut rates by a quarter per cent on Thursday for the first time since August 2005.
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