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[Field Marshal Dr. Opti]

Mark Carney, the 'big swinging dick' at the Bank of  England has given an assurance that interest rates will stay low for the next few years.

Good news for business and people with a mortgage, although savers will obviously be less well pleased.

The current rate of 0.5% has been in force since 2009 . My mortgage is 4.49% .........So, for all his power and influence, it doesn't look as though 'Big Mark' can stop the banks from screwing us all.

[Rog]

Well, I'm going to be a complete and utter selfish B*&%^d here. I'd like him to put the base rate up till the pips squeek.

I don't have a mortgage. If/When I sell my house I will have savings for which I will require a decent rate. For a living I import, so the low interest rate keeps the £ low against the $ and the € so my gross profits get squeezed. What else, quite a few other things.

I'm not even sure what the reason is for such a low rate. Yes of course UK companies like it, it saves them money on loans, it does not follow that the saving gets spent on investment or employing people.

I am not suggesting a return to the rates in the 80's of 17%, but .05% is just silly. Has it achieved anything ?

And let's have a go at the banks and credit card companies. Most cards charge around 15%-17%, quite a few are in the 40% brackets, and what about payday outfit like Wonga with their 3,000% - 4,000% ? Remember base rate is 0.5% !

They need to go up, probably to maybe 2.5% at first, then just a bit more.

When SWMBO and I bought our first place we were paying 16% !

[Field Marshal Dr. Opti]

Well, I'm going to be a complete and utter selfish B*&%^d here. I'd like him to put the base rate up till the pips squeek.

I don't have a mortgage. If/When I sell my house I will have savings for which I will require a decent rate. For a living I import, so the low interest rate keeps the £ low against the $ and the € so my gross profits get squeezed. What else, quite a few other things.

I'm not even sure what the reason is for such a low rate. Yes of course UK companies like it, it saves them money on loans, it does not follow that the saving gets spent on investment or employing people.

I am not suggesting a return to the rates in the 80's of 17%, but .05% is just silly. Has it achieved anything ?

And let's have a go at the banks and credit card companies. Most cards charge around 15%-17%, quite a few are in the 40% brackets, and what about payday outfit like Wonga with their 3,000% - 4,000% ? Remember base rate is 0.5% !

They need to go up, probably to maybe 2.5% at first, then just a bit more.

When SWMBO and I bought our first place we were paying 16% !

When we bought our first house in 1990 the interest rate was 15%...

We had a 100% mortgage ( try getting one of those in 2013) so paid 16.5% for the first year. It's all relative though, because nobody could afford to buy a house today at those rates.

[Field Marshal Dr. Opti]

Well, I'm going to be a complete and utter selfish B*&%^d here. I'd like him to put the base rate up till the pips squeek.

I don't have a mortgage. If/When I sell my house I will have savings for which I will require a decent rate. For a living I import, so the low interest rate keeps the £ low against the $ and the € so my gross profits get squeezed. What else, quite a few other things.

I'm not even sure what the reason is for such a low rate. Yes of course UK companies like it, it saves them money on loans, it does not follow that the saving gets spent on investment or employing people.

I am not suggesting a return to the rates in the 80's of 17%, but .05% is just silly. Has it achieved anything ?

And let's have a go at the banks and credit card companies. Most cards charge around 15%-17%, quite a few are in the 40% brackets, and what about payday outfit like Wonga with their 3,000% - 4,000% ? Remember base rate is 0.5% !

They need to go up, probably to maybe 2.5% at first, then just a bit more.

When SWMBO and I bought our first place we were paying 16% !

Totally agree. The 'spiv element' is alive and well in the shady world of banking.

[Rods2]

There are many caveats to what he said on interest rates, so if inflation rises to an unacceptable level then interest rates will have to go up.

With many basics like energy still going up as part of this Governments / EU expensive energy policy, then don't be surprised if inflation does reach high levels as the economy begins to grow and companies start to increase prices to restore their profit margins.

Anyway how did we get into the boom and bust cycle. Oh thats right excessive borrowing. So where the Government wants a feel good factor for the 2015 elections are we at the start of another debt fuels growth credit bubble?

With the Government underwriting 20% of a 25% deposit to buy property and mortgage lenders 75% so that is 95% of the value of a property, what could possibly go wrong?  PS: Don't ask Fanny May or Freddy Mac.

When rates do start to rise then the fallout from those that have over borrowed will start.

[Varche]

Still continuing with QE too. £375 billion. 

The exchange rate with the euro improved very slightly on the news but lets face it there isn't much to choose between them.

[Vamps]

There are many caveats to what he said on interest rates, so if inflation rises to an unacceptable level then interest rates will have to go up.

With many basics like energy still going up as part of this Governments / EU expensive energy policy, then don't be surprised if inflation does reach high levels as the economy begins to grow and companies start to increase prices to restore their profit margins.

Anyway how did we get into the boom and bust cycle. Oh thats right excessive borrowing. So where the Government wants a feel good factor for the 2015 elections are we at the start of another debt fuels growth credit bubble?

With the Government underwriting 20% of a 25% deposit to buy property and mortgage lenders 75% so that is 95% of the value of a property, what could possibly go wrong?  PS: Don't ask Fanny May or Freddy Mac.

When rates do start to rise then the fallout from those that have over borrowed will start.

+1 I think a huge amount of people are in for a very big shock........

[Rog]

There are many caveats to what he said on interest rates, so if inflation rises to an unacceptable level then interest rates will have to go up.

With many basics like energy still going up as part of this Governments / EU expensive energy policy, then don't be surprised if inflation does reach high levels as the economy begins to grow and companies start to increase prices to restore their profit margins.

Anyway how did we get into the boom and bust cycle. Oh thats right excessive borrowing. So where the Government wants a feel good factor for the 2015 elections are we at the start of another debt fuels growth credit bubble?

With the Government underwriting 20% of a 25% deposit to buy property and mortgage lenders 75% so that is 95% of the value of a property, what could possibly go wrong?  PS: Don't ask Fanny May or Freddy Mac.

When rates do start to rise then the fallout from those that have over borrowed will start.

+1 I think a huge amount of people are in for a very big shock........

I think we need a bit of a reality check. The trouble is the government (ANY government) doesn't like the short term consequences.

[Sir Tigger KC]

My mortgages are 1% above the base rate, so I'm a happy boy today!! 

[Vamps]

My mortgages are 1% above the base rate, so I'm a happy boy today!! 

I need to discuss my rate, or change, given this news........

[henryd]

My mortgages are 1% above the base rate, so I'm a happy boy today!! 

Mines 0.2 over base

[aaronjb]

Mine's 6.19%. You gits.

[tunnie]

Mine's 6.19%. You gits.

So is mine, but its about to fall to 3.9% 

[albitz]

Pay off what you can,while you can.Once the rates start to rise in the next few years,things will get very tight for an awful lot of people.

[tunnie]

Pay off what you can,while you can.Once the rates start to rise in the next few years,things will get very tight for an awful lot of people.

I've gone fixed for 5 years