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5.75% is the new cost of borrowing
Bad news for borrowers- Bank of England raises the interest rate further to 5.75%
London, 7th July, 2007: The recent 0.25% hike in the interest rate introduced by the Bank of England this week puts the cost of borrowing at a six-year high. This is the fifth time that there has been a hike in the base rate in the last 11 months.
Financial experts expected the latest hike after the Monetary Policy Committee (MPC), voted five out of four in favour of raising the rates. There are concerns that the cost of borrowing has not reached its full potential yet.
As Mr. Howard Archer, Chief UK and European Economist at Global Insight finely puts it: The minutes of the June MPC meeting indicated that for at least some of these five committee members, it was a question of when to raise interest rates again rather than if. In fact he doesnt rule out the possibility of the interest rate hitting a six per cent range before the end of the financial year.
The only people who stand to gain from this decision are those who have savings account. In fact, many of them have already seen the rates on their investment increase after the base hike.
7th July, 2007
London, 7th July, 2007: The recent 0.25% hike in the interest rate introduced by the Bank of England this week puts the cost of borrowing at a six-year high. This is the fifth time that there has been a hike in the base rate in the last 11 months.
Financial experts expected the latest hike after the Monetary Policy Committee (MPC), voted five out of four in favour of raising the rates. There are concerns that the cost of borrowing has not reached its full potential yet.
As Mr. Howard Archer, Chief UK and European Economist at Global Insight finely puts it: The minutes of the June MPC meeting indicated that for at least some of these five committee members, it was a question of when to raise interest rates again rather than if. In fact he doesnt rule out the possibility of the interest rate hitting a six per cent range before the end of the financial year.
The only people who stand to gain from this decision are those who have savings account. In fact, many of them have already seen the rates on their investment increase after the base hike.
Secured Loan: TYPICAL 13.5% APRVARIABLE Our rates vary from 7.9% APR Variable to 19.9% APR Variable. The highest rate is for customers with severe credit problems. All loans are subject to status in UK.
Unsecured Loan: TYPICAL 19.9% APRVARIABLE Our rates vary from 7.4% APR Variable to 41% APR Variable. The highest rate is for customers with severe credit problems. All loans are subject to status in UK.
