Largest interest rate drop in BoE history.

Économiste Monétaire

The Bank of England has just lowered its minimum bid rate to 3%, down from 4.5%. The last time the BoE lowered its rate by more than half a percent was 1993. Their in-house inflation estimates must really be quite low.

Edit: Title should read in recent BoE history.

2nd Edit: Link to story on BoE website.

mrgaa1

puts a whole new outlook on things - interesting now to see what the ECB does shortly

UCD_Econ

UCD_Econ wrote: »

The Bank of England has just lowered its minimum bid rate to 3%, down from 4.5%. The last time the BoE lowered its rate by more than half a percent was 1993. Their in-house inflation estimates must really be quite low.

Edit: Title should read in recent BoE history.

2nd Edit: Link to story on BoE website.

You can edit your own title by clicking advanced when you go into edit your post

Now I'm wondering is this part of an ECB/Fed/BOE joint move?
We'll know shortly.
A 1.5% cut here would be nice... if the banks don't nab it all for themselves that is.

We've some regulator ha!

Économiste Monétaire

Deleted User wrote: »

You can edit your own title by clicking advanced when you go into edit your post

Cheers--still quite new to all this.

Now I'm wondering is this part of an ECB/Fed/BOE joint move?
We'll know shortly.
A 1.5% cut here would be nice... if the banks don't nab it all for themselves that is.

We've some regulator ha!

Well, the Fed doesn't have much to play with in terms of rates. The ECB will make their announcement in around 30 minutes. I think we'll see a rate cut of less than the BoE's, though, if there is one.

And the ecb go for 50 basis points.

3.25

A Dub in Glasgo

My tracker mortgage will be at 3.75% from the Dec 1 Not too good for my savings though

fireplace1982

with a tracker mortgage,which financial institutions have passed on the ecb cuts?? Im with IIB and have no idea if they have complied!

silverharp

The central bank cuts are a bit of a dog and pony show imo , talk about applying the handbrake after the car has gone over the cliff ;-)

Stastically the Fed for instance follows the 3mth T bill rate , the last cut was the first instance where they broke this stastic which shows how desperate they are however either way it makes no difference