The Bank of England’s Monetary Policy Committee has voted to slash Bank rate by another one percentage point taking it to 2% - its lowest level for 57 years.
The Government hopes that, by cutting interest rates, we’ll have more money in our pockets which means we’ll spend more, providing a much needed boost to the economy. But will this strategy work? Will you be spending more in light of the recent interest rate reductions?
Will you be spending more in light of the recent interest rate reductions?
No – I have a fixed rate mortgage so my monthly payments haven’t fallen. (41.5%)
No – Any money I do get, I’ll be saving. (29.7%)
Maybe – The banks need to pass on the interest rate cut in full. (11.3%)
Yes – Now I have more money, I’ll be taking advantage of the great offers available on the high-street. (17.5%)
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