Interest rate doubled (increased by the least it realistically could have)

FortuitousFluke said:
I've got to say the media are stoking this one. The BBC (a broadcaster you'd expect to take a balanced approach) have led with the slightly provocative tagline of how high could the rates end up going, and then referenced back to historical rates from 20-30 years ago as if the BoE are suddenly going to cripple the average person by whacking the rate up by 15% over the next 2 years.
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When has the BBC ever been balanced?
 
Currently locked in at 4.89% interest for another 3 months. So unless things drastically change this increase will still net me a nice reduction if I fix again.
 
Yeah, got a letter this morning saying the rate on my mortgage is going up blah blah, of course savings rates won't change.
 
MatteH Oxford said:
It's not really having the desired effect on the £. Besides with inflation running at around a figure 3.0%, the base rate should ideally be 3.5-4.0% (or more).
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Maybe the 'market' was expecting more rises in the future, earlier than Carnage said and had priced that in.
Carnage is of in 2019 and he's only ever done one rate rise ever.
 
Probably means some short term investment and profiteering before hard brexit crashes the UK off the map.
 
Increased from 1/4 of a peanut, to 1/2 a peanut. Oh no...

OFC it's the latest excuse to pump up the price on fuel etc. Even though it's exactly where it's been for years.
 
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darkgen said:
I'm with you, but recognise this would be an utter disaster for the majority of the populace.
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Talk about the media stoking the fire again. There's only something like 4.5m people on tracker mortgages. There are 45m savers and about 5m renters. In fact as of 2015 more people own their homes outright than those with a mortgage . So the "majority of the populace" it isn't, not by a long shot.

Why the media's first instinct with any change in base rate is to worry about mortgages, I have no idea. Sure, let's talk incessantly about 4.5m people out of 65m odd :rolleyes: It's a nonsense, really.
 
Nasher said:
Increased from 1/4 of a peanut, to 1/2 a peanut. Oh no...

OFC it's the latest excuse to pump up the price on fuel etc. Even though it's exactly where it's been for years.
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You do know oil price has just broken the $60 a barrel price, last seem in 2015. Perhaps that’s why fuel prices have risen, not because of interest rate rises.
 
Scam said:
Talk about the media stoking the fire again. There's only something like 4.5m people on tracker mortgages. There are 45m savers and about 5m renters. In fact as of 2015 more people own their homes outright than those with a mortgage . So the "majority of the populace" it isn't, not by a long shot.

Why the media's first instinct with any change in base rate is to worry about mortgages, I have no idea. Sure, let's talk incessantly about 4.5m people out of 65m odd :rolleyes: It's a nonsense, really.
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You can't really compare the 4.5m people with trackers to the total population of the UK. Those with mortgages are going to be households so the interest rate rise will affect multiple people. And those with trackers may also be savers (I know I am).
 
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