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04/12/2008
UK Interest Rate Slashed To 2%
The cost of borrowing has been cut by one percentage point, pushing the base rate of interest to 2% - the lowest level since September 1939.
The Bank of England made the move, which is sure to be welcomed by commentators, who believe the cut could help the country in the face of recession.
The Bank's Monetary Policy Committee (MPC) made the announcement at midday, which follows last month's shock 1.5% cut - the biggest in nearly 30 years.
Britain's biggest mortgage lender, the Halifax has announced it would pass on the cut to its 600,000 borrowers with base rate tracker deals.
However, the reduced rates will not benefit all customers with mortgages tracking the base rate - despite increasing pressure from the Government - due to clauses many had in their loans.
According to the latest surveys by the Halifax, house prices fell 2.6% in November. This is the sharpest monthly drop since the 1990s housing market crash.
The report also stated those figures increased the annual rate of house price falls to 14.9%, with the average property in the UK now valued at £163,605 - almost £31,500 lower than one year ago.
Meanwhile, the motor industry is seeing equally gloomy figures, with new car sales dropping by 36.8% on the year before, which the Society of Motor Manufactures and Traders (SMMT) have described as the steepest decline in nearly three decades.
According to the SMMT, the decline was mostly in the private car market, with registrations down 45.1% last month.
It has also emerged this week that luxury car maker Aston Martin is cutting 300 full-time and 300 temporary jobs.
The firm, which employs 1,850 people, blamed the decision on falling sales caused by the economic downturn.
The company had already announced last week that it would extend its Christmas break at its plant in Gaydon, Warwickshire, by two weeks until 19 January.
(JM)
The Bank of England made the move, which is sure to be welcomed by commentators, who believe the cut could help the country in the face of recession.
The Bank's Monetary Policy Committee (MPC) made the announcement at midday, which follows last month's shock 1.5% cut - the biggest in nearly 30 years.
Britain's biggest mortgage lender, the Halifax has announced it would pass on the cut to its 600,000 borrowers with base rate tracker deals.
However, the reduced rates will not benefit all customers with mortgages tracking the base rate - despite increasing pressure from the Government - due to clauses many had in their loans.
According to the latest surveys by the Halifax, house prices fell 2.6% in November. This is the sharpest monthly drop since the 1990s housing market crash.
The report also stated those figures increased the annual rate of house price falls to 14.9%, with the average property in the UK now valued at £163,605 - almost £31,500 lower than one year ago.
Meanwhile, the motor industry is seeing equally gloomy figures, with new car sales dropping by 36.8% on the year before, which the Society of Motor Manufactures and Traders (SMMT) have described as the steepest decline in nearly three decades.
According to the SMMT, the decline was mostly in the private car market, with registrations down 45.1% last month.
It has also emerged this week that luxury car maker Aston Martin is cutting 300 full-time and 300 temporary jobs.
The firm, which employs 1,850 people, blamed the decision on falling sales caused by the economic downturn.
The company had already announced last week that it would extend its Christmas break at its plant in Gaydon, Warwickshire, by two weeks until 19 January.
(JM)
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03 April 2014
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