Bank of England cuts interest rates to 4.5% – consumer credit industry reaction

The Bank of England has cut interest rates from 4.75% to 4.5%, taking the base rate to the lowest level for more than 18 months. The Bank of England Monetary Policy Committee (MPC) has voted to cut interest rates by 0.25% to 4.5%. The MPC voted 7 to 2 in favour of the cut, with two dissenting…

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Interest rates cut to 4.5% – business industry reaction

The Bank of England’s rate-setting body voted to cut the base rate by 0.25% to 4.5%. The nine-strong Monetary Policy Committee voted by a majority of 7–2 to reduce Bank rate by 0.25%. But two members, Swati Dhingra and Catherine Mann, thought more help was needed and voted for a 0.5% cut. Bank Governor Andrew…

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Interest rates hold at 4.75% – consumer credit industry reaction

20th December 2024 Consumer Lending | #interest rates

The Bank of England has decided to maintain interest rates at 4.75% following a split vote among its Monetary Policy Committee (MPC). While six members opted to keep rates unchanged, three advocated for a 0.25 percentage point cut due to concerns over stagnating economic growth. The MPC’s new projections indicate zero GDP growth for the…

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Bank of England holds interest rates – business industry reaction

The Bank of England’s Monetary Policy Committee (MPC) has voted to hold interest rates at 4.75%. The Monetary Policy Committee (MPC) voted 6 to 3 in favour of holding rates flat, with three members preferring to cut rates by 0.25% to 4.5% Commenting on the decision, Anna Leach, Chief Economist of the Institute of Directors, said…

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Interest rates stay at 5% – business industry reaction

The Bank of England has held interest rates at 5% for a second month in a row. Commenting on the news, Anna Leach, Chief Economist of the Institute of Directors, said “Today’s 8-1 vote by the MPC for no change in rates was widely expected by markets and analysts. The Bank has indicated a “gradual…

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Interest rates hold at 5% – consumer credit industry reaction

20th September 2024 Consumer Lending | #interest rates

The Bank of England has announced that it has held interest rates at 5% for a second month. The committee voted 8:1 to keep rates on hold, with one vote for a cut. Commenting on the announcecment, Grace Brownfield, Senior Influencing Manager at the Money Advice Trust said “Millions of homeowners are already under pressure…

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Interest rates cut for the first time in four years – consumer credit industry reaction

2nd August 2024 Consumer Lending | #interest rates

The Bank of England has voted to cut interest rates for the first time since March 2020, with the Monetary Policy Committee (MPC) choosing to cut the base rate, which has stood at 5.25% since August last year, to 5%. The decision comes with inflation having held at the Bank’s target rate of 2% in…

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Interest rate reduced to 5% – business industry reaction

The Bank of England’s Monetary Policy Committee (MPC) has voted by a majority of 5–4 to reduce Bank Rate by 0.25 percentage points, to 5%. Four members preferred to maintain Bank Rate at 5.25%. Inflation has held at 2% for 2 months, although it is expected to rise to 2.75% in the second half of…

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More than a quarter in the dark about interest rates

More than a quarter in the dark about interest rates and the price impact on payments according to research by Hargreaves Lansdown. The research found that 27% of people don’t know what interest rate they’re getting on their savings. This rises to 31% of the squeezed middle (aged 35-54), 35% of women, and 38% of…

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High interest rates seen as a threat to half of business owners

More that half of business owners (54%) think the latest recession was an opportunity for entrepreneurs, whilst 51% think British entrepreneurship is about to boom. This rises to 57% of serial entrepreneurs, who have started multiple businesses in their time, according to new research from Charles Stanley. The research, has found that the opportunities driving…

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Interest rates hold – consumer credit industry reaction

The Bank of England has opted to hold the base rate at 5.25%, this marks the seventh consecutive meeting where the Monetary Policy Committee has opted against raising or cutting interest rates.  The MPC voted 7-2 to hold rates steady, with the dissenters preferring a cut of 0.25% to 5.0%. The decisions follows the announcement…

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Interest rates remain at 5.25% – consumer credit industry reaction

The Bank of England has opted to hold the base rate at 5.25%, this marks the sixth consecutive meeting where the Monetary Policy Committee has opted against raising or cutting interest rates. Commenting on the announcement, Steve Vaid, Chief Executive at the Money Advice Trust said “High interest rates have already added to the pressure…

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Consumers spend £1.4bn on bank overdraft interest each year

New research by TotallyMoney has found that one in five (9.7 million) current account customers are overdrawn by an average of £697, with £1.4 billion spent on bank overdrafts each year. The research showed that on average, one in five people (18.8%) are £697 overdrawn each day that with most high street banks charging customers…

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