I'm not sure why the Bank of England keeps cutting interest rates when it hasn't had any measured effect at all so far. With 60% of mortgages being fixed rate, and taking into account the households who have no mortgage, the cuts probably only benefit 1 in 5 of us. On the other hand, all savers have been hit, and hit hard. Personally, I think it is wrong to use measures that penalise those who have saved, and rely on their savings for income, whilst rewarding those who have borrowed, sometimes irresponsibly, by handing them huge interest cuts. Fortunately, I put what little savings I have in a high interest fixed rate account a few months before the recession started, but I feel desperately sorry for those (especially the elderly) who rely on their savings, and are struggling to pay hugely inflated fuel bills etc. Wouldn't cutting direct and indirect taxes be a much fairer way of helping everybody, instead of targetting a small minority with interest rate cuts? P.S, I have a tracker mortgage, so it's not sour grapes. I just question the fairness of it.