Bank interest rate cut benefits us how exactly?

UK banks are charging higher spread over libor then any other countries in Europe. The UK comsumer are financing the bonus for very banker who got us here. The spread between GBP libor and the lending rate should be 100bps to 150bps at most but we are getting charged at 250bps to 300bps above the interbanking rate. it is not the banks are not lending but they are charging us like we all are sub-prime lenders.

here,here I quite agree with rates at 0.5% why am I paying something like 9.5x that to my mortgage lender !!!!!

Well that one was obviously not me either! I am waiting to hear from the site administrators.

God is currently in charge of the economy. If you are a non-believer, God won't help you. What does the dollar note say? In God We Trust! Put not thy trust in thy fellow man. Render unto Caesar that which is Caesar's. As the one who has committed incest said: "Love thy brother".

As the priest said: "Thy will be done." And have mercy on us all. Pay your dues. And that which is due to you will come.

I"ve just eaten a Budgens sheperds pie for my supper, Right nice it was, much better than sainsburys ready meals.

it makes me sick to see how the banks are scamming people with such high interest rates on financial services products. BOE dropping the rates to 0.5% doesnt help the public,

What I can never work out is that the government of the day put all sorts of measures in supposedly to help the ordinary man/women in the street, then do nothing about anything when the big fat cat banks say we are going to do what we want and not pass it on. What was the point of the excercise in the first place. Shouldnt any government worth its salt put policing measures in to make sure that what they want for the ordinary people happens when they take such measures. Its like the billions of pounds they have poured into the NHS, where has it gone, not to you or I; or at least I cannot see any benefits; I would though if it went into putting more front of staff on show, instead of some faceless manager hoiking up his salary with what should benefit us not them. I know a policing policy may create more civil servants but at least this time the job would have been created for the right reasons, and we may see something for all our hard earned money that the government squander. Its not rocket science to think like this is it??

The lowest mortgage rate I have found available is 2.29%. Well over the base rate.

Mortgage interest rate drops are not benefitting people on a fixed rate mortgage. I lost my job and could benefit from this low rate but can't change our fixed rate mortgage without being penalised - we're tied in for another 20 months. Things are so tough now. It just doesn't seem fair.

The interest rates are very low now but WAIT! Next year the banks will take a further revenge, by now they must have made billions and at the end of the year when the "recession fairy tale" is completed they will put the interest rates so high that we will have to go and visit them

I can't quite work out how cutting the interest rate is supposed to encourage spending. It will only encourage those who don't have the money to borrow more to spend on stuff they don't need, which is how we got into this mess in the first place.

If the rate was increased instead then the people who have saved would have money to spend!!
Hasn't anyone worked that out yet?

"The average interest rate for savers who want instant access to their money is now barely above zero, figures show. The Bank of England said that the average rate for UK instant access accounts - including current accounts - was 0.17% at the end of February."

You're right. Time of the mattress is here.