Interest Rates Hit All-Time Record Low

[mcgillianaire]

History was made today by the Bank of England as they decided to lower the rate of interest by half a percent from 2% to 1.5%. Since its establishment more than three hundred years ago (in 1694), this is the first time the Bank's interest rate has ever fallen below 2%. It's bad news for savers but it's great news for me. The variable rate of interest on my university loan will lower itself even further and there's every chance the downward journey is far from over. The day is not far when we will wake up to Japanesque 0% interest rates, a far cry from the days when my dad first arrived in this country nearly thirty years ago and was greeted with Thatcher's double-digit interest rates. How times have changed. I suppose you could say I couldn't have chosen a better time to be in school. By the time I roll out as a finished product, interest rates will probably be back on their way up and the economy will hopefully have picked up a bit. It's time to make hay!

Comments

[drunkendeadcat.livejournal.com]

I was listening to something about this on Radio 5 at half five this morning, they're worried people are just not gonna buy things as well aren't they in hope the prices of things keep dropping and dropping