Base rate cut by 1.5%

[Boss Hog]

The Bank of England base rate has been slashed by 1.5% to 3% today.

Is this a good thing? What are your thoughts??

[Maddy]

I don't even know what that means!!

[neildigital]

Depends if our banks past that on, as far as i am aware my building society never gave a cut in their rate from the last 0.5% last month.

If they dont, thats 2% drop in the bank of Englands, but nothing in Coventry BS.....

Neil

[Boss Hog]

Bet they make sure it is applied to the savings rates on offer!, luckily I invested some money today for the next 12 months at a really good rate.

Only 2 weeks ago my sister applied for a mortgage fixed at 5.79%, she's wishing she held on now :icon_Wall:

It's definitely a tricky time at the moment.