With - for a second time this summer - all eyes on the MPC and the expectation of an interest rate cut announcement today, the Independent asks what are the benefits. Few, appears to be the answer. After a rush to convert from tracker mortgages to fixed rate in recent years (after noises from the Bank of England about a rate rise), few homeowners are set to profit. History also suggests that banks are slow to pass on rate cuts to business borrowers, and applications are way down anyway. They’re quick, however, to kill off the best deals for savers. Pensions could be hit negatively, as could the pound. More here.
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