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Bank Can\'t Ignore Urgent Need to Reduce Interest Rates

4th June 2008 | back to article listings BACK    print this article PRINT

 Stuart Law, Chief Executive, Assetz, comments:

“The Bank of England urgently needs to reduce interest rates this month. It cannot ignore the very real and present danger of the credit crunch and must not hide behind the recent spike in inflation as an excuse to delay this much needed cut.

“It is also essential that lenders now pass on any rate cuts to consumers - with mortgage lending down 48% since the same time last year, the property market is in serious danger of continuing to stagnate or even falling to a modest degree if immediate action isn’t taken. I strongly urge the Bank to lower base rates immediately by 0.5%.”

 

This is a press release by Assetz also available at http://press.assetz.co.uk/articles/4258.html. Alternatively, please see our full press release archive.

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