Interest rate cut on horizon?

Is it only a week ago that we voted to leave the EU?
So much has happened over the past seven days – and now it appears that we may be in line for another interest rate cut.
Rates have been at their historic low of 0.5% since the recession and now the Governor of the Bank of England Mark Carney has signalled that we may see further reduction.
When and by how much is open to conjecture but many analysts expect an initial cut by one quarter of one per cent to 0.25% this summer. Potentially this could be followed by a further cut to 0% later in the year.
It seems drastic but the Bank seems determined to take a proactive role in providing stimulus to shore up the economic and that all important business and market confidence.
Shares rose in response although his comments did little to help Sterling and UK Government bond yields also fell.
Pensioners, savers and those with investment capital quite naturally will be amongst those most disappointed by any further interest rate cut while those looking to move or get on the property ladder may welcome any moves.
Stability has to be the watchword for the economy over the coming weeks and months. The Governor of the Bank of England is right to prioritise this but too many rate cut may leave him with nowhere to go in the future.
As far as we are concerned, it is business as usual and we continue to see strong demand for our property related services – especially for surveys of all kinds.
You can read more about the Bank’s decision on the BBC Business website at http://www.bbc.co.uk/news/business-36681794
Have a good weekend and don’t forget to follow us on Twitter under @McAndrewMartin, like us on Facebook and connect with us on LinkedIn under our name.
You can also email us on [email protected] and call us on 02392 697193 for all of your property-related needs.

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