Menu
06/11/2008
NI Welcomes Slashed Interest Rate
There has been a broad welcome for the Bank of England's decision to cut interest rates in the UK to 3%.
Interest rates are at their lowest since 1955, and the one-and-a-half percentage point cut is the biggest since 1981.
NI Chamber of Commerce president Bro McFerran said: "If you think about exports for example, it should make our exports cheaper, so it should stimulate business there," he said, noting the move was very good news for Chamber members.
Likewise, the NI Independent Retail Trade Association said it was more than could have been hoped for, with Glyn Roberts, of NIIRTA responding: "We hope that this will kick start the economy and also reduce the mortgage burden on consumers.
"Both the Ulster Bank and PwC have produced reports this week stating that our retail sector in Northern Ireland will be hard hit with this economic downturn and we hope that this 1.5% reduction will go some way to restoring consumer confidence."
The huge cut comes on the back of an emergency half-point cut last month and has surprsied many commentators who said that the last time the interest rate reached such a low figure was in 1955.
Also, the central bank has not cut interest rates by more than half a point since it was made independent in 1997.
In advance of the news being made public, Prime Minister Gordon Brown said in the House of Commons yesterday: "What we've been trying to do over the last few weeks is get the liquidity into the system, recapitalise our banks and then get them to resume the lending that is necessary."
See: Bank Of England Slashes Interest Rates To 3%
(BMcC)
Interest rates are at their lowest since 1955, and the one-and-a-half percentage point cut is the biggest since 1981.
NI Chamber of Commerce president Bro McFerran said: "If you think about exports for example, it should make our exports cheaper, so it should stimulate business there," he said, noting the move was very good news for Chamber members.
Likewise, the NI Independent Retail Trade Association said it was more than could have been hoped for, with Glyn Roberts, of NIIRTA responding: "We hope that this will kick start the economy and also reduce the mortgage burden on consumers.
"Both the Ulster Bank and PwC have produced reports this week stating that our retail sector in Northern Ireland will be hard hit with this economic downturn and we hope that this 1.5% reduction will go some way to restoring consumer confidence."
The huge cut comes on the back of an emergency half-point cut last month and has surprsied many commentators who said that the last time the interest rate reached such a low figure was in 1955.
Also, the central bank has not cut interest rates by more than half a point since it was made independent in 1997.
In advance of the news being made public, Prime Minister Gordon Brown said in the House of Commons yesterday: "What we've been trying to do over the last few weeks is get the liquidity into the system, recapitalise our banks and then get them to resume the lending that is necessary."
See: Bank Of England Slashes Interest Rates To 3%
(BMcC)
Related Northern Ireland News Stories
Click here for the latest headlines.
05 February 2009
Three NI Banks Cut Interest Rates
Most of Northern Ireland's big banks have agreed to adopt the latest UK interest rate cut. First Trust, Bank of Ireland and Ulster Bank have all brought their base rates into line with the reduction. The Bank of Ireland and Ulster Bank both said they were reviewing how the cut would affect standard variable rate products.
Three NI Banks Cut Interest Rates
Most of Northern Ireland's big banks have agreed to adopt the latest UK interest rate cut. First Trust, Bank of Ireland and Ulster Bank have all brought their base rates into line with the reduction. The Bank of Ireland and Ulster Bank both said they were reviewing how the cut would affect standard variable rate products.
04 March 2011
IMF Announce Interest Cut For Ireland
Despite an announcement to the contrary by the German Chancellor on Thursday, Ireland's bailout interest rate is set to decrease. The news comes only a day after Angela Merkel had ruled out lowering the huge interest rate facing Ireland over its international bailout conditions.
IMF Announce Interest Cut For Ireland
Despite an announcement to the contrary by the German Chancellor on Thursday, Ireland's bailout interest rate is set to decrease. The news comes only a day after Angela Merkel had ruled out lowering the huge interest rate facing Ireland over its international bailout conditions.
06 February 2003
Bank of England drop interest rate to 3.75%
In a surprise move the Bank of England today cut interest rates by 0.25% taking the UK interest rate to 3.75%, the lowest figure in almost 50 years.
Bank of England drop interest rate to 3.75%
In a surprise move the Bank of England today cut interest rates by 0.25% taking the UK interest rate to 3.75%, the lowest figure in almost 50 years.
05 August 2003
Ulster Bank profits rise to £131 million
Parent company of Ulster Bank, the Royal Bank of Scotland, has reported first half-year profits of £131 million up 5% (£6 million) on the same period last year.
Ulster Bank profits rise to £131 million
Parent company of Ulster Bank, the Royal Bank of Scotland, has reported first half-year profits of £131 million up 5% (£6 million) on the same period last year.
02 August 2001
UK interest rate cut is a boost to businesses
The quarter per cent cut in interest rates announced by the Bank of England’s Monetary Policy Committee (MPC) has brought the UK interest rate to it lowest point in over 30 years. With the base rate now standing at 5.0 per cent many mortgage rates and borrowing rates are likely to drop as a result.
UK interest rate cut is a boost to businesses
The quarter per cent cut in interest rates announced by the Bank of England’s Monetary Policy Committee (MPC) has brought the UK interest rate to it lowest point in over 30 years. With the base rate now standing at 5.0 per cent many mortgage rates and borrowing rates are likely to drop as a result.
-
Northern Ireland WeatherToday:Gale, coastal severe gale, northwest winds ease from late afternoon. Scattered showers will fall as snow over the hills at first, becoming isolated from mid-afternoon. Maximum temperature 7 °C.Tonight:Showers, scattered in the evening, will clear by midnight leaving the night dry with clear spells. Cloud will spread east towards morning. Minimum temperature 2 °C.
