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Joined: Aug 2004
Posts: 22,315
Wiki Master
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OP
Wiki Master
Joined: Aug 2004
Posts: 22,315 |
The Bank of England has raised UK interest rates from 5.5% to 5.75%, its fifth rate rise since last August.
Its Monetary Policy Committee (MPC) warned that inflation remains a danger, saying "most indicators of pricing pressure remain elevated".
Some analysts have taken that to mean there may be a further rise this year.
The higher rates will add between £15 and £20 a month to an average £100,000 repayment mortgage, but may be good for savers who should earn higher interest. Hehe... This country is going down!! Sooner or later people are going to pay the price for all their wreckless overborrowing on mortgages etc, and everyone will realise how weak our economy really is. I still say it will be 6.00% by the end of the year.  BBC News Report
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Joined: Nov 2006
Posts: 3,992
Forum Guardian
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Forum Guardian
Joined: Nov 2006
Posts: 3,992 |
it will probably be matty, thank god i'm on a fixed rate for 2 yrs 
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Joined: Aug 2004
Posts: 22,315
Wiki Master
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OP
Wiki Master
Joined: Aug 2004
Posts: 22,315 |
it will probably be matty, thank god i'm on a fixed rate for 2 yrs Yeah man, you got your head screwed on. I bet your glad its a fixed rate now, even if it is only for a couple of years, every penny is better in your pocket then the banks! 
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Joined: Nov 2006
Posts: 3,992
Forum Guardian
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Forum Guardian
Joined: Nov 2006
Posts: 3,992 |
aint that the truth dude !
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Joined: Aug 2004
Posts: 22,315
Wiki Master
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OP
Wiki Master
Joined: Aug 2004
Posts: 22,315 |
Just listening to a financial and markets analyst atm and it sounds like the industry are predicting a further interest rise is imminent before the end of the year. Also, interestingly, the London housing market has seen the first drop in average prices in over a decade. It's only 0.1% drop, but its significant because the rest of the country will follow. Also, given all the recent problems within the markets, and the UK housing market seemingly going to hit 6.00% base rates and the fact that it looks like house prices are starting to drop because the market in general is slowing down fast, he said the general feeling within the industry is that a recession isnt too far away, maybe 3 - 4 years...
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Joined: Apr 2006
Posts: 12,369 Likes: 1
Wiki Master
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Wiki Master
Joined: Apr 2006
Posts: 12,369 Likes: 1 |
a recession isnt too far away, maybe 3 - 4 years... I really hope so tbh, cant wait  lol
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