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What does the cut in interest from the bank of england mean for people like me and you?

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Sorry, i meant 'what would' a cut in the interest rate mean?

1 day ago

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A future cut in interest rates would only really effect you if your a saver. A slash to interest rates means though it's cheaper to borrow it also means interest offered to savers also reduces. This leaves those who live on there savings, such as pensioners worse off but those with no savings and high debts better off as banks would have to reduce the interest paid on loans and credit cards. Its not all good news for borrowers though, when interest rates are cut banks make less money on debts so therefore slow down the rate in which they allow people to borrow. Someone with good credit before the cut would find it harder to borrow now then they would 6 months ago.

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Other Answers (3)

• nothing at all but if the interest rises look out up goes the cost of credit
  
  little odd don't u think?
• My mortgage payments dropped because I'm on a tracker.
  
  My ISA account hasn't earned much.
• No cut... same as the same for last few months