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The Bank of England has today cut the base rate by 0.5% – going from 5.0% to 4.5%. The Monetary Policy Committee held a special meeting today, ahead of the meeting that was planned for Thursday, to agree to the emergency rate cut. The cut was part of an agreement between the Bank of England, the Bank of Canada, the European Central Bank, the US Federal Reserve, Sveriges Riksbank (the Swiss National Bank) and the Bank of Japan to all cut interest rates to help reduce the strain in the financial markets. The cut has been passed on to mortgage holders at some banks and building societies. The last time an emergency rate cut was made was in September 2001.

Today the Bank of England has dropped its base rate by 0.25% to 5.0%. Variable rate mortgage holders will be please to know that the large lenders have promised to pass on the drop to their customers. The cut was generally expected, and is seen as the Bank’s attempt to stave off the credit crunch and encourage growth.

The Bank of England has today voted to reduce the base rate to 5.25%. The move has been made to help prevent recession gaining momentum in the British economy. Market commentators are generally predicting a continued slow fall in the base rate this year – gradually falling to around 4.5% by the end of 2008, or early 2009.

The Bank of England today voted to drop the base rate to 5.5% following indications that the economy is slowing. The reduction is good news for mortgage holders with the two big lenders Halifax and Nationwide dropping their rates promptly following the cut.

The Bank of England today voted to drop the base rate to 5.5% following indications that the economy is slowing. The reduction is good news for mortgage holders with the two big lenders Halifax and Nationwide dropping their rates promptly following the cut.