Bank of England cuts interest rate by 1.5% to 3%

Thanks, it starts today although we have to wait and see how much of the rate cut the banks pass on. It will directly affect those with mortgages because their monthly payment will drop... I will save maybe £100 or more per month. That will then hopefully feed back into the economy and with Christmas coming it looks like just the right time for that. That should lead to increased consumer confidence etc and the cycle begins. The other thing is that my mortgage os due up in 4 months and so if interest rates are relaly low I should be able to secure a longish term low rate fixed moratgage will will see my monthly payments locked at a low level for the coming few years even if the interest rate goes back up. Sweet!