A Fool and His Money

The bank of england has cut its interest rate today to 5% from 5.25% to try to spur the economy. This is the 3rd cut in the interest rate since December last year.

The largest mortgage lenders will pass the cut on to their customers who pay variable rates. However many mortgage lenders are yet to increase their interest rates.

Despite various bodies trying their best to counter act the effects of the credit crisis it appears as though we wont be seeing an improvement in the situation in the near future.

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