The Bank of England is working on plans to inject cash into the economy in the hope that it can reverse the slide into recession, the report in the Daily Telegraph came after yesterdays interest rates were slashed to the lowest level in over 50 years.

Source: LONDON (Reuters)

Shane.

The Bank of England has today voted to reduce the Bank Base Rate 1.0 percentage points to 2.0%.

The Council of Mortgage Lenders has welcomed today’s rate cut, and believe “it will help the wider economy, even if it cannot be reflected universally in lower mortgage rates.”

The impact this will have on borrowers, new and existing is yet to be seen, although many lenders have pledged to pass on the full extent of the saving. There is still the issue of collars…. more to follow.

Shane