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Bank interest rate cut benefits us how exactly? What is the point of the bank of england cutting the base rate if the mortgage lenders aren't going to pass the benefit on to the public by reducing mortgage rates? At the same time banks immediately slash the interest rates on saving accounts which mean people earn less on any savings they may have. The benefits of a cut in interest rates aren't reaching the very people it's supposed to help.
We're paying the old rate on our mortgages and our savings in the bank are worth less...
Isn't the point in dropping the interest rate to try and reduce the effects of this recession? How do they expect that to happen when we're still paying the old rate on our mortgages and our savings in the bank are worth less? The quarter percent that HBOS offered to pass on to customers was pretty pathetic. It's an absolutely ludicrous state of affairs and I think that the mortgage companies and lenders should be forced to adjust their rates accordingly whenever a change in the base rate occurs. No wonder the country is almost on its knees!
We saw the same thing happen recently with the price of oil when it was fluctuating. The price per barrel went up and almost immediately the price at the pumps went up. The oil prices went down and there was a significant delay in the prices paid on the forcourt following suit. It's enough to make a person weep. We're quite literally being screwed left, right and centre by big business. It has got to stop now!
banks, the building societies, large corporations - fleecing home owners
So, the bank of England has cut interest rates by one percentage point and it's at the lowest level since 1951. Well big deal, because we certainly aren't likely to reap the benefits of this for a while yet. Gordon Brown can urge lenders to pass on the rate cut until he's blue in the face; no one's listening and our economy will continue to plunge until the banks, the building societies and large corporations quit fleecing home owners.