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Stuart Law, Chief Executive of Assetz, comments on the Monetary Policy Committee’s (MPC) decision to drop interest rates by 0.5%

8th January 2009 | back to article listings BACK    print this article PRINT

“Continued aggressive interest rate cuts are inevitable, as the Bank of England’s dithering throughout the past year forces it into damage limitation over the length and depth of the recession.

“I believe rates could reach 0% by the summer, although borrowers should not expect their mortgage rates to go close to this level. As base rates tend towards zero, banks will be determined to build in higher profit margins than they have in the past.

“While many variable rate mortgages holders are benefiting from the Bank of England’s interest-rate changes, the rate cuts should also permit lower and lower long-term fixed rates to be released.

“All of the major banks need to start giving back to the consumer, now that they have taken the Government handouts offered last year. They must do this by supporting homeowners and businesses with much higher levels of lending than seen in recent months.”

 

This is a press release by Assetz also available at http://press.assetz.co.uk/articles/4581.html. Alternatively, please see our full press release archive.

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