Menu
04/12/2008
UK Interest Rate Slashed To 2%
The cost of borrowing has been cut by one percentage point, pushing the base rate of interest to 2% - the lowest level since September 1939.
The Bank of England made the move, which is sure to be welcomed by commentators, who believe the cut could help the country in the face of recession.
The Bank's Monetary Policy Committee (MPC) made the announcement at midday, which follows last month's shock 1.5% cut - the biggest in nearly 30 years.
Britain's biggest mortgage lender, the Halifax has announced it would pass on the cut to its 600,000 borrowers with base rate tracker deals.
However, the reduced rates will not benefit all customers with mortgages tracking the base rate - despite increasing pressure from the Government - due to clauses many had in their loans.
According to the latest surveys by the Halifax, house prices fell 2.6% in November. This is the sharpest monthly drop since the 1990s housing market crash.
The report also stated those figures increased the annual rate of house price falls to 14.9%, with the average property in the UK now valued at £163,605 - almost £31,500 lower than one year ago.
Meanwhile, the motor industry is seeing equally gloomy figures, with new car sales dropping by 36.8% on the year before, which the Society of Motor Manufactures and Traders (SMMT) have described as the steepest decline in nearly three decades.
According to the SMMT, the decline was mostly in the private car market, with registrations down 45.1% last month.
It has also emerged this week that luxury car maker Aston Martin is cutting 300 full-time and 300 temporary jobs.
The firm, which employs 1,850 people, blamed the decision on falling sales caused by the economic downturn.
The company had already announced last week that it would extend its Christmas break at its plant in Gaydon, Warwickshire, by two weeks until 19 January.
(JM)
The Bank of England made the move, which is sure to be welcomed by commentators, who believe the cut could help the country in the face of recession.
The Bank's Monetary Policy Committee (MPC) made the announcement at midday, which follows last month's shock 1.5% cut - the biggest in nearly 30 years.
Britain's biggest mortgage lender, the Halifax has announced it would pass on the cut to its 600,000 borrowers with base rate tracker deals.
However, the reduced rates will not benefit all customers with mortgages tracking the base rate - despite increasing pressure from the Government - due to clauses many had in their loans.
According to the latest surveys by the Halifax, house prices fell 2.6% in November. This is the sharpest monthly drop since the 1990s housing market crash.
The report also stated those figures increased the annual rate of house price falls to 14.9%, with the average property in the UK now valued at £163,605 - almost £31,500 lower than one year ago.
Meanwhile, the motor industry is seeing equally gloomy figures, with new car sales dropping by 36.8% on the year before, which the Society of Motor Manufactures and Traders (SMMT) have described as the steepest decline in nearly three decades.
According to the SMMT, the decline was mostly in the private car market, with registrations down 45.1% last month.
It has also emerged this week that luxury car maker Aston Martin is cutting 300 full-time and 300 temporary jobs.
The firm, which employs 1,850 people, blamed the decision on falling sales caused by the economic downturn.
The company had already announced last week that it would extend its Christmas break at its plant in Gaydon, Warwickshire, by two weeks until 19 January.
(JM)
Related UK National News Stories
Click here for the latest headlines.
09 December 2004
Ofcom reviews controls on premium rate calls
Telecoms regulator Ofcom has published its findings aimed at improving consumer protection following a review of the regulation of premium rate telephone services in the UK.
Ofcom reviews controls on premium rate calls
Telecoms regulator Ofcom has published its findings aimed at improving consumer protection following a review of the regulation of premium rate telephone services in the UK.
28 January 2008
UK Recession Risk
The UK economy is at risk of recession within the next two years according to an economic report. The downturn is mainly attributed to the housing market, with prices expected to plummet by around five per cent this year and by eight per cent in 2009.
UK Recession Risk
The UK economy is at risk of recession within the next two years according to an economic report. The downturn is mainly attributed to the housing market, with prices expected to plummet by around five per cent this year and by eight per cent in 2009.
06 November 2008
Bank Of England Slashes Interest Rates To 3%
The Bank of England has reduced interest rates by 1.5% in a dramatic attempt to rescue Britain from the grip of recession. The cut - which takes interest rates to 3% - follows widespread calls from industry for a major reduction, as the country faces the prospect of a deep recession.
Bank Of England Slashes Interest Rates To 3%
The Bank of England has reduced interest rates by 1.5% in a dramatic attempt to rescue Britain from the grip of recession. The cut - which takes interest rates to 3% - follows widespread calls from industry for a major reduction, as the country faces the prospect of a deep recession.
10 April 2008
Interest Rates Reduced to 5%
The Bank of England's Monetary Policy Committee have cut interest rates from 5.25% to 5% to stabilise the economy as the global credit crunch reaches UK shores. The British Chambers of Commerce warned that the cut was "no longer sufficient".
Interest Rates Reduced to 5%
The Bank of England's Monetary Policy Committee have cut interest rates from 5.25% to 5% to stabilise the economy as the global credit crunch reaches UK shores. The British Chambers of Commerce warned that the cut was "no longer sufficient".
03 April 2014
Maria Miller To Repay Expenses Claim
Culture Secretary Maria Miller has been ordered to repay £5,800 by the Commons Committee on Standards. Mrs Miller has also been told to apologise to MPs.
Maria Miller To Repay Expenses Claim
Culture Secretary Maria Miller has been ordered to repay £5,800 by the Commons Committee on Standards. Mrs Miller has also been told to apologise to MPs.
-
Northern Ireland WeatherThis Evening and Tonight:A dry night, save for a few light showers around the coasts, with prolonged clear spells and light winds bringing a frosty dawn for many in central and southern parts. Minimum temperature -3 °C.
