Uncertainty over record low base rate

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Uncertainty over record low base rate

The base interest rate was cut by 0.5 percent to a new low of just 1 percent. This is the lowest that the base rate has been since the Bank of England was founded over three hundred years ago. Hopes that this will aid recovery are not thought possible by all groups.
Homeowners that see their monthly mortgage repayments fall as a result of the base rate cut will be pleased, but savers will be dismayed to see that they are earning little by way of interest on their savings. The Building Societies Association said that this could severely affect deposits and could affect the access that lenders now have to funds to finance mortgage lending.
The Federation of Small Businesses was also of the opinion that the base rate cuts would now no longer help to boost the economy, stating that what was needed was improved access to finance for industries. Over 60 percent of FSB members said they would have preferred improved access to finance than another interest rate cut.

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