Time to stock up on bottled water and shot guns?
Time to realise the pound is not a certainty... Awaiting some Jamby facts on the issue though as to why it's damm ****in awesome dudes
Why?
The pound is still higher against the Euro than at several periods over the last 10 years.
Not great against the dollar though! 😀
I presume this cut is being done as they know the economy is going to crash. Shame interest rates were already so low we have almost nowhere to go.
Awaiting some Jamby facts on the issue though as to why it's damm **** awesome dudes
Well in his case, because he works in Paris and is paid in Euros.....
Carney also says 250,000 jobs to go 😯
Waiting for Jamby to say it is great and we have control 🙄 back
http://www.bbc.co.uk/news/live/business-36924098
According to this expert*, it wasn't even needed...
[url= http://www.marke****ch.com/story/bank-of-england-should-worry-about-a-brexit-boom-not-a-brexit-bust-2016-08-03 ]Market Watch[/url]
*he does write fiction as a side line
According to this expert*, it wasn't needed
We are dooooooomed either way. I'm off to ram raid a shot gun shop.
I presume this cut is being done as they know the economy is going to crash
I don't really see why cutting interest rates will help at the moment. The slowing in growth is due to politics, can't see how cutting rates will help. Reverse the brexit vote, that'll do the trick.
How much per capita has Nigel's blue passport cost us so far?
****.
According to this expert, it wasn't even needed...h
I think we've all had quite enough of experts.
Oh....
Looks like I'm never going to retire then. Pension pot is already fairly worthless.
House prices now set to rocket further. I need to buy a new house but a lot of choices are limited as I cling to the old advice from decades back of getting a mortgage that's 3x salary to be actually affordable (as opposed to how much they will lend). That was based on higher interest rates and potential of them going higher. Do I instead just do what everyone else does and think f'k it and buy 5x salary or more and hell with the consequences down the road?
Does this really help drive the economy? Biggest tickets are houses and it will encourage more buying but it goes to foreign investors mostly and puts houses out of reach of most people.
This week 3 of our suppliers have announced price increases due to nigel ****ing the pound.
We will absorb as much as we can but ultimately everything we sell will have to go up.
But don't worry it will just make us feel even more Great.
Looks like I'm never going to retire then. Pension pot is already fairly worthless.
Yip... in the week that sees levels of home ownership drop to their lowest for over 3 decades, and still dropping like a stone, just what we need is property being seen as the only safe investment.
I wonder when anyones going to ask what happens when all the people who can't afford to buy, and are all renting, approach retirement age, still renting, with worthless pensions, or no pensions at all.....
Something to look forward too eh?
In the meantime I'm going to wave my little Union Jack, and sing Rule Brittania, now that we've taken back control
Ah it's a token gesture at best, the economy is slowing at a rate not seen since 2008 when were at 5%, 6 months later and it was at 0.5% and 'home owners' who of course are always protected at all costs saw their mortgages fall (either immediately or at renewal) by hundreds of pounds a month, that many households having that much extra spending power a month can change the economy.
.25% what's that, £10-£30 a month? If the banks pass it on? Sorry, not, not going to help.
So here it is "Project Fear" we've not even started the process of leaving yet and we're trying to stop the ship sinking, the same ship that's not been fixed since the last iceberg we hit.
I suppose one thing to remember is that when Gove, Boris and Farage were bleating about "Project Fear" they never said is was unfounded fear.
You need to think bigger - lower interest rates mean it's cheaper than ever to get a business loan. I'm planning on getting a loan to create a Beautiful British Bendy Banana plantation to show them Europes what makes Britain Great. 🙂
jbproductions - MemberYou need to think bigger - lower interest rates mean it's cheaper than ever to get a business loan. I'm planning on getting a loan to create a Beautiful British Bendy Banana plantation to show them Europes what makes Britain Great.
Yeah, but with house prices expected to fall and increasing unemployment the banks will see the value of their spreadsheets fall which means 'cash' is more valuable to them than ever meaning they will have to charge more for it and have tougher than ever underwriting criteria. Business Loans are one of the more high-risk facilities so despite a potential savings of 0.25% they're cost more, and being harder to get.
the-muffin-man - MemberWhy?
The pound is still higher against the Euro than at several periods over the last 10 years.
Yes, because we've managed to damage the euro as well as the pound. Yay us.
Yes, because we've managed to damage the euro as well as the pound. Yay us.
and Ireland
What a jolly good job we're doing!
[img]I'm planning on getting a loan to create a Beautiful British Bendy Banana plantation to show them Europes what makes Britain Great.
[/img]
footflaps - Member
Yes, because we've managed to damage the euro as well as the pound. Yay us.
and IrelandWhat a jolly good job we're doing!
Last time I checked we still used the Euro.
Last time I checked we still used the Euro
Really? I thought you still used potatoes as currency....
hands up who's got a base rate tracker mortgage?
*puts hand up silently at the back*
0.2% over base...
hands up who's got a base rate tracker mortgage?
yes 🙂
Financial conditions seem to be fortunate for me at the moment, I am getting divorced so got to sell up to fund the settlement - luckily (or not, choose a strong location in the first place) my house seems to be popular and I got an asking price offer before it was marketed and 9 viewings so far lined up for Saturday, whereas other for-sale houses seem to be reducing in price around me and the house I have offered on, which needs about 50k of work, is probably safe from people looking to turn over a house after they refurbish it as they are not sure what the state of the market will be in a few months time.
Excuse my ignorance but will this have any effect when I come to remortgage in November?
Who's feeling like a tit for doing a 7 year fixed first time buyer mortgage, 2.5 years ago. I do wonder if it's worth working out penalties v potential benefits, as doesn't [i]feel[/i] like much is going to change in the coming years.
I remortgaged last year, fixed for 5 years, as I thought rates would be rising about now, Brexit ****ed that right up.
Oh well, it's not like it was expensive, as was still cheaper than my first time buyer rate before, so I've not really lost out.
remortgaged last year, fixed for 5 years, as I thought rates would be rising about now, Brexit **** that right up.
Oh well, it's not like it was expensive, as was still cheaper than my first time buyer rate before
Same here. Still at least we can afford it and our jobs look secure so I still feel lucky!
7 year fixed first time buyer.....
did you have a 50% deposit or something.... that was always a bad idea IMO. First time buyers rarely have good LTV to get a decent rate !
0.25% on your average mortgage as p-jay says isnt very much. If that makes your monthly outgoings work then it suggests your living close to the bone anyway.
Just did the maths on ours - works out at 15 quid a month if the banks passed on 100% of the saving
but alas im fixed for 5 as of last year .... shoulda woulda coulda.... still not worried about it tbh as the security of knowing what im paying for the next 4 years still wins out for me .... esp as the best tracker i could get at the time was still more expensive than the fixed rate i took in the end 😀
No point saving nowt, might as well blow the lot on Coke 'n Hookers....... 😆
(or N+1)
No point saving nowt, might as well blow the lot on Coke 'n Hookers.......
I knew there would be winners and losers in Brexit, but that sounds like a win-win. 😀
Well in his case, because he works in Paris and is paid in Euros
Wrong and wronger 🙂
Lower sterling benefits an economy with a trade deficit. £ has been lower vs € a few times since 2006, not the dollar admitedly. Lower interest rates good for mortgages, not so much for retirees although that deoends how much they have in cash vs shares and other investments. As Carney said today the interest rate cut shiws that the BoE / UK will make a success of Brexit. US interest rates had been at 0.25% for a very long time FWIW, arguably their lower rates have helped their economy
As Carney said today the interest rate cut shiws that the BoE / UK will make a success of Brexit. US interest rates had been at 0.25% for a very long
Carney is paid to talk shot in an attempt to prop up confidence in the economy, whats your reason?
hands up who's got a base rate tracker mortgage
Yes but no time for being cocky Santander are expected to cut 123 account from 3 to 2%.
Low interest rates are symptomatic of a sick economy. Pushing people to borrow more can never be good...
Were heading back to the last bout of cheap borrowing circa 2005, and we know where that ended. This time with the bones of Brexit to chew through - it's not looking good.
Ours is fixed, not sure if I regret that or not, the variable was considerably cheaper because this time last year the only way was up both for interest rates and the economy!
What a f****** difference 12 months makes!
Lower interest rates good for mortgages, not so much for retirees although that deoends how much they have in cash vs shares and other investments.
You're losing your grip on reality fella; how many pensioners have substantial holdings in shares or other investments?
Still, serves them right for voting out before they re-balance their portfolios, the Bastards!
Clear response from the BOE to the folly of the Brexit vote and the weakening of the economy. Several indicators now sending bearish signals so amusing to see the stock market going up as a result - shows how screwed markets are right now.
This plus other measure to support bank margins introduced in the face of some grim data over the net few quarters. All so unnecessary and self inflicted.
All fine and dandy in theory except none of it will work since the economy is relatively immune to the impact of lower rates since corporates and households are deleveraging or at least should be. Monetary policy in isolation is impotent - except for indirect effects of FX and the wealth effect.
Buggers muddle.....
As someone who gets paid in Hong Kong Dollars this all helps to get my UK mortgage paid off a little quicker plus my job is selling UK manufactured goods into Asia, so there is an upside for some of us.
the interest rate cut shiws that the BoE / UK will make a success of Brexit
clear response from the BOE to the folly of the Brexit vote
😆
there is an upside for some of us
No doubt cutting rates is good for many, thats why its being done. Problem is the reason why its needed.
I remortgaged last year, fixed for 5 years, as I thought rates would be rising about now, Brexit **** that right up.
i'm fixed at 3% until 2025 😆
it'll all come out in the wash.