UK Money News
7th February 2008
Interest rate cut by 0.25%
The Bank of England’s monetary policy committee has trimmed interest rates by 0.25 per cent, it has been confirmed.
The cut, which had been widely anticipated by economists, brings the key base rate of interest down to 5.25 per cent.
It is thought that the Bank’s acted to arrest concern over a slowdown in the UK economy and property market and to restore consumer confidence.
Mike Naylor, personal finance expert at uSwitch.com, said the cut would be welcomed by home owners struggling with higher utility bills, but noted that unless lenders pass on the cut borrowers will not necessarily benefit.
He commented: "Today's decision…is only good news for consumers if banks do the right thing - people are currently paying out 35 per cent of their monthly take home pay on mortgage repayments and ten million customers feel that their current level of debt is unmanageable.
"On an average mortgage, consumers on a tracker deal will be just under £50 a month better off following the two base rate decreases - in the grand scheme of things this may not seem like a lot, but for those that are struggling financially this could be the difference between keeping afloat or going under."
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