Bank of England cuts UK interest rates to 0.25% in wake of Brexit vote, lowest level for seven years.

UK interest rates have been cut for the first time in seven years as part of a wide package of Bank of England measures to shore up the economy in the wake of the Brexit vote.

The Bank cut official interest rates to a new record low of 0.25% from 0.5% and signalled they would be reduced further in coming months. It slashed its forecasts for UK economic growth by an unprecedented amount and implied the UK would have suffered a downturn without this new package of measures.

Warning that the decision to leave the EU in June’s referendum would stoke inflation and push up unemployment, the Bank’s monetary policy committee unveiled a four-point plan to mitigate the impact.

135 Comments

Good news for those with variable rate mortgages and those with debts then. It'll also help first time buyers.

Long live Brexit.

stuarthanley

Good news for those with variable rate mortgages and those with debts … Good news for those with variable rate mortgages and those with debts then. It'll also help first time buyers. Long live Brexit.


Economy going down the tubes , growth down, unemployment up , stagflation imminent , recession round the corner oO . What planet do these Brexiteers live on ? Just admit you voted the wrong way in ignorance of the well forecast outcomes. I like the rest of the country will have to live with the ill informed vote, hardly a day goes past without more dismal economic news- well done Brexit numpties.
Oh and Johnny Foreigner is still coming in at an ever increasing rate oO

rogparki

Economy going down the tubes , growth down, unemployment up , stagflation … Economy going down the tubes , growth down, unemployment up , stagflation imminent , recession round the corner oO . What planet do these Brexiteers live on ? Just admit you voted the wrong way in ignorance of the well forecast outcomes. I like the rest of the country will have to live with the ill informed vote, hardly a day goes past without more dismal economic news- well done Brexit numpties. Oh and Johnny Foreigner is still coming in at an ever increasing rate oO


Nope. For every doomsayer remainiac trying to twist the truth, I'll be there to put the positive back into it.

Seven years?

Lowest level for 322 years.

stuarthanley

Nope. For every doomsayer remainiac trying to twist the truth, I'll be … Nope. For every doomsayer remainiac trying to twist the truth, I'll be there to put the positive back into it.


Sadly the forecast doom is arriving daily as economic forecasts become reality. A cut in interest rates isn't good news, its a really worrying (though widely forecast) sign of how really bad our economy has become

rogparki

Sadly the forecast doom is arriving daily as economic forecasts become … Sadly the forecast doom is arriving daily as economic forecasts become reality. A cut in interest rates isn't good news, its a really worrying (though widely forecast) sign of how really bad our economy has become


And I'm sure it was Brexits fault that interest rates were cut to 0.5% seven years ago.

No, wait... What irrelevant excuse did the money men use back then? Or every time before then for the last 40 odd years of us being in the EU?

Many other places actually have minus interest rates, so its not that bad is it...

I'm £23 a month better off in terms of mortgage interest so I'm not going to grumble. Life goes on.
Edited by: "delusion" 4th Aug 2016

stuarthanley

And I'm sure it was Brexits fault that interest rates were cut to 0.5% … And I'm sure it was Brexits fault that interest rates were cut to 0.5% seven years ago. No, wait... What irrelevant excuse did the money men use back then? Or every time before then for the last 40 odd years of us being in the EU?


And just as we were eventually starting to climb out of that shambles (as the first half economic indicators showed) - Bang oO back in the mire again - can't blame the bankers this time, its the 52% to blame , and they know who they are

if your worried about our banks cutting interest rate by 1 quarter of a percent, go and check out the Italian banks lol.

Awaits email from from bank telling me the saving rate is going down

rogparki

And just as we were eventually starting to climb out of that shambles (as … And just as we were eventually starting to climb out of that shambles (as the first half economic indicators showed) - Bang oO back in the mire again - can't blame the bankers this time, its the 52% to blame , and they know who they are


So the interest rate decline over the last 40 odd years of being in the EU is not an issue but a 0.25% drop now is a major concern?

Typical remain supporting scaremongering.

delusion

Many other places actually have minus interest rates, so its not that bad … Many other places actually have minus interest rates, so its not that bad is it... I'm £23 a month better off in terms of mortgage interest so I'm not going to grumble. Life goes on.


Enjoy your £23 a month , tens of thousands of jobs will be lost because of the Brexit vote , I hope yours isn't one of them but, sadly, for many thousands £23 a month in the short term won't help when they lose their jobs

Let's party

http://bestanimations.com/Holidays/Fireworks/fireworks-animation-46.gif
Edited by: "mutley1" 4th Aug 2016

rogparki

And just as we were eventually starting to climb out of that shambles (as … And just as we were eventually starting to climb out of that shambles (as the first half economic indicators showed) - Bang oO back in the mire again - can't blame the bankers this time, its the 52% to blame , and they know who they are



You live in a dreamworld the bankers have never stopped scamming us and yes it is undoubtedly their fault again but they can blame brexit this time instead of themselves and gullible people believe it's because the vote!
Wake up to the real world

Everything went bad for the uk when we joined the euro I work for the railway and do you know how much is British like everything else we have sold off.
Let me tell you 75% of our railways in foreign owned so when you go to France and see those lovely tgv trains and think back home we have crap trains it's because us the British people finance their train service. And we have the highest fares in Europe
You people need to wake up

rogparki

Economy going down the tubes , growth down, unemployment up , stagflation … Economy going down the tubes , growth down, unemployment up , stagflation imminent , recession round the corner oO . What planet do these Brexiteers live on ? Just admit you voted the wrong way in ignorance of the well forecast outcomes. I like the rest of the country will have to live with the ill informed vote, hardly a day goes past without more dismal economic news- well done Brexit numpties. Oh and Johnny Foreigner is still coming in at an ever increasing rate oO


Unemployment increased? We're at the lowest unemployment rate since October 2005.

Economy down the tubes? All of those multinational companies remaining and relocating in the UK post EU vote?

You need to stop listening to the doomsayers.

rogparki

Enjoy your £23 a month , tens of thousands of jobs will be lost because … Enjoy your £23 a month , tens of thousands of jobs will be lost because of the Brexit vote , I hope yours isn't one of them but, sadly, for many thousands £23 a month in the short term won't help when they lose their jobs



If you lose your job for being such a doom and gloom merchant you can't blame brexit... That's all on you.

Short term instability for the chance of long term stability? Yes please, it's remaining that had a bigger risk of long term instability in many people's view... Should EU reforms appear over the coming years then maybe that will change. Who knows.
Edited by: "delusion" 4th Aug 2016

delusion

If you lose your job for being such a doom and gloom merchant you can't … If you lose your job for being such a doom and gloom merchant you can't blame brexit... That's all on you. :pShort term instability for the chance of long term stability? Yes please, it's remaining that had a bigger risk of long term instability in many people's view... Should EU reforms appear over the coming years then maybe that will change. Who knows.



So Brexit was voting for a 'chance' of long-term stability? Wasn't stable economic growth what we were experiencing for a while now?

The same old arguments will be wheeled out but now is the point at which Leave voters need to start taking some responsibility. What you voted for is uncertainty - that's it. You can talk about sovereignty, controlling borders, setting laws etc. but the truth is that no-one knows what the new status quo will be if we continue this Brexit thing through to it's conclusion. That's the truth and it's indisputable.

Today's news is just one more consequence of that vote. Own it, defend it but don't pretend it's something other than it is.

Yawn, The world still hasn't imploded.

HotEnglishAndWelshDeals

So Brexit was voting for a 'chance' of long-term stability? Wasn't stable … So Brexit was voting for a 'chance' of long-term stability? Wasn't stable economic growth what we were experiencing for a while now?The same old arguments will be wheeled out but now is the point at which Leave voters need to start taking some responsibility. What you voted for is uncertainty - that's it. You can talk about sovereignty, controlling borders, setting laws etc. but the truth is that no-one knows what the new status quo will be if we continue this Brexit thing through to it's conclusion. That's the truth and it's indisputable.Today's news is just one more consequence of that vote. Own it, defend it but don't pretend it's something other than it is.



Don't tell me what people voted for. That's all you can see, and that is your limitation not theirs

delusion

Don't tell me what people voted for. That's all you can see, and that is … Don't tell me what people voted for. That's all you can see, and that is your limitation not theirs



Actually I will tell you unless you can tell me with certainty what people voted for. Most people don't even know the type of agreement they want with the EU because it's a complex issue.

So you're wrong. People may have thought they were voting for a myriad of different things but the single defining outcome of this vote was uncertainty.

Accept it. Obviously it's hard because it's a ridiculous thing for a grown-up person of sound mind to actually choose, but the 52% did.

My N&P tracker mortgage is down to 0.8% now. Good move for me in October 2003. :-)

This will not affect the value of the "pound in your pocket" as Harold Wilson famously said post devaluation,,, errr X)

With inflation forecast to reach 3% by the end of the year and 5% next year due to the 10% - 13% effective devaluation of sterling you will certainly need more than £20 odd a month to keep up .

As my Dad used to say "some people can't see beyond the end of their nose"

HotEnglishAndWelshDeals

Actually I will tell you unless you can tell me with certainty what … Actually I will tell you unless you can tell me with certainty what people voted for. Most people don't even know the type of agreement they want with the EU because it's a complex issue.So you're wrong. People may have thought they were voting for a myriad of different things but the single defining outcome of this vote was uncertainty. Accept it. Obviously it's hard because it's a ridiculous thing for a grown-up person of sound mind to actually choose, but the 52% did.



Such a hypocritical post, this just removes your credibility completely. Along with the obvious fact that voters will have a variety of reasons and views (only a closed mind would believe otherwise), your hypocrisy is the only certainty

delusion

Such a hypocritical post, this just removes your credibility completely. … Such a hypocritical post, this just removes your credibility completely. Along with the obvious fact that voters will have a variety of reasons and views (only a closed mind would believe otherwise), your hypocrisy is the only certainty



There's no hypocrisy actually. Sorry.

What is there is an accurate description of what people have actually voted for, the real outcome. The wording of the question demanded uncertainty because it was so ill-defined.

Here, you had two options. One was the status quo the other was simply a tearing up of the status quo. There was no option for the model that people would like so by it's very nature it was uncertain. That's the inconvenient truth.

As for credibility, we're simply usernames on a shopping forum. I'm happy to back up my comments with my actual CV if credibility is what you want - are you?

oh no more bad news my mortgage will be cheaper

davewave

oh no more bad news my mortgage will be cheaper



Man gets run over by a car, goes to hospital and loses his leg.

On the plus side he gets shoes half-price now.

davewave

oh no more bad news my mortgage will be cheaper


And with inflation rising to 3% then 5% next year how much will your other monthly outgoings rise by ? Rhetorical question oO

Edited by: "rogparki" 4th Aug 2016

HotEnglishAndWelshDeals

Man gets run over by a car, goes to hospital and loses his leg.On the … Man gets run over by a car, goes to hospital and loses his leg.On the plus side he gets shoes half-price now.



Plus disability allowance so it's a win win almost?.

HotEnglishAndWelshDeals

Man gets run over by a car, goes to hospital and loses his leg.On the … Man gets run over by a car, goes to hospital and loses his leg.On the plus side he gets shoes half-price now.


no he doesnt, sold in pairs.
http://static.tumblr.com/36697fdf94e7d91d101f847e1f8cbb5a/wduzr7t/HaWmtk1vj/tumblr_static__young_bamrockon.gif

Banned

Excellent news.

In a few months it will be negative.

YouDontWantToKnow

Excellent news.In a few months it will be negative.


If you are daft enough to think negative interest rates are good then you are daft enough to have voted "Leave" oO Say no more

Anyone know the ECB interest rate?

davewave

no he doesnt, sold in pairs.



That's the joke. (Imagine there's a facepalm image here).

What's interest?

Banned

rogparki

If you are daft enough to think negative interest rates are good then you … If you are daft enough to think negative interest rates are good then you are daft enough to have voted "Leave" oO Say no more




You have just called the European Central Bank, Japan, Sweden, Switzerland and Denmark daft.

You might as well also have a word with the U.S. Federal Reserve as they are saying its "on the cards".

YouDontWantToKnow

You have just called the European Central Bank, Japan, Sweden, … You have just called the European Central Bank, Japan, Sweden, Switzerland and Denmark daft.You might as well also have a word with the U.S. Federal Reserve as they are saying its "on the cards".


You really should learn to read. All those institutions (like the Bank of England) do not think zero interest rates are good they reacted to poor economic conditions . Its not zero% interest rates that are daft , in poor economic conditions they are one of very few options left .

If you had read my comment you will see I said " If you are daft enough to "think" negative interest rates are good ..... etc - There is a big difference !

HotEnglishAndWelshDeals

As for credibility, we're simply usernames on a shopping forum. I'm happy … As for credibility, we're simply usernames on a shopping forum. I'm happy to back up my comments with my actual CV if credibility is what you want - are you?



https://www.comedy.co.uk/images/library/comedies/300/i/im_alan_partridge_suit.jpg
Post a comment
Avatar
@
    Text
    Top Discussions
    1. I banned myself from HUKD for 3m, I saved so much money!2640
    2. Thousands of minimum wage workers to receive part of £2,000,000 compensatio…44
    3. Weekly game codes giveaway 183722
    4. How much would you pay for this chair?1214

    See more discussions