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Further rate cuts anticipatedThe Bank of England Monetary Policy Committee may decide to cut the base rate further this week. Since the previous cut, banks have been urge to lower their interest rates, but so far, lenders have only reduced their Standard Variable Rates (SVRs). Many lenders do not accept applications for new loans at SVR. A previous cut may affect mortgage and remortgage customers, but only if the banks pass on the rate cuts in earnest. 2 Responses to “Further rate cuts anticipated”Leave a Reply |
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December 5th, 2008 at 8:53 am
That’s going to need some more pressure from the government - banks have got their own margins to think about.
December 18th, 2008 at 6:50 am
It looks like rates will be heading lower still in the new year, though I’d be surprised if it was another whole percent. Should make a difference, though - the banks have to pass it on this time.