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Interest rates could reach historic low
Published: 05/01/2009 |
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The Bank of England's Monetary Policy Committee (MPC) is again ready to cut interest rates, to a low not seen for more than 300 years. The MPC meets this Wednesday and is poised to follow the US and Japan, and slash borrowing rates, it as been reported. If the reduction goes ahead, mortgages could cheapen for some borrowers and hopefully stimulate consumers to look at purchasing their own home. David Kern, chief economist at the British Chambers of Commerce urged the bank to cut rates by a full per cent "to alleviate the most devastating consequences of the serious recession". There is a danger if interest rates fall too low, savers will deposit their money overseas and the UK currency will weaken. The pound has already fallen heavily against the euro, almost reaching 'parity' – the point at which one pound = one euro.  |
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