Bank of England has cut interest rate to 5% first drop in 4 years

Glad for my children and for all who pay mortgages.

Yes great news - got my info from my DH!! Won't listen to him again.

Glad for my two. X

A step in the right direction, let’s hope more to
come

I think those with young families ( probably most of our offspring) will welcome the rate cut. Let’s hope it’s the first of several.
My comment was to previous poster who pointed out that savings rates would go down.

The interest on savings is never as much as that on mortgages. You need to have enough money to lock it away for a long time, which most young families can't afford. I'm not saying it's a bad thing...

Good news for our children.

keepingquiet

Yes, it is good news for those with mortgages and those waiting for one. Not so good if you're saving for one though! Swings and roundabouts.

At least with savings there are opportunities, if you can, to lock them in at a good rate.

Yes, it is good news for those with mortgages and those waiting for one. Not so good if you're saving for one though! Swings and roundabouts.

Good news. Hopefully this will mean mortgage holders ( presumably a lot of DD and DS of Gransnetters) will feel the benefit.
Maybe some may feel able to buy their first house, if that is what they wish.

Dragonfly46
“I am sure there is more to come. Pensioners are the group with the least clout, we have no voice. They did say they are not going to tax workers so which group is left?
I am sad that the Bank of England will not now reduce interest rates because of Rachel Reeves which will affect my son's mortgage which is up for renewal in September.”

There you are. Not sure where you got your information from, but you must be pleased that it’s reduced.