UK interest rate cut to 1.5 percent by the Bank of England

The Bank of England have just cut the base interest rate by .50 percent taking the UK interest rate to 1.5 percent the lowest level since 1695 when the Bank of England was founded.

Many analysts wanted the rate to be cut by a full 1 percent, although it’s widely anticipated that the rate will be cut again in February.

Although the base interest rate cut will ease the strain for a lot of businesses and borrowers, the government has warned that many with mortgage loans will not benefit from this cut, with many banks not passing on the full cut if at all. More news to follow, we would like to hear your option on the interest rate cut.

Source: Skynews The Unearthly ipod