Cut in interest Rates a little Closer!
26/03/2008Bank of England boss says cuts will be soon! Mervyn King the Governor of the Bank of England has said that Monetary Policy Committee is now looking to cut interest rates in the near future as mortgage lending criteria has tightened up.
With the on going fall out from the credit crunch lenders have tightened their belts when it comes to getting a new mortgage deal. With many people going onto the banks higher standard variable rate as they do not fit the new tighter mortgage under writing criteria.
The cuts will not be as drastic as they have been in the US, in which has seen a massive 3% cut in interest rates since last september, from 5.25% to 2.25%. The BOE has said that the housing market conditions are worse in the US and has seen inflation rise, while the BOE is trying to control the inflation by making less drastic cuts.
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