Interest Rate Up

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ElectroClaret
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Re: Interest Rate Up

Post by ElectroClaret » Thu Feb 02, 2023 12:04 pm

Bank of England raises base rate from 3.5% to 4%
(BBC)

basil6345789
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Re: Interest Rate Up

Post by basil6345789 » Thu Feb 02, 2023 12:20 pm

Great news

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Re: Interest Rate Up

Post by Quickenthetempo » Thu Feb 02, 2023 1:07 pm

basil6345789 wrote:
Thu Feb 02, 2023 12:20 pm
Great news
For the banks

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Re: Interest Rate Up

Post by Fretters » Thu Feb 02, 2023 1:11 pm

Quickenthetempo wrote:
Thu Feb 02, 2023 1:07 pm
For the banks
And savers. Just relieved I'm on a fixed mortgage until 2025, I'm praying everything is back to normal by then as I can't afford a few more hundred a month.

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Re: Interest Rate Up

Post by jedi_master » Thu Feb 02, 2023 1:17 pm

Fretters wrote:
Thu Feb 02, 2023 1:11 pm
And savers. Just relieved I'm on a fixed mortgage until 2025, I'm praying everything is back to normal by then as I can't afford a few more hundred a month.
Our fixed rate was up December 1st - £220 a month more, and that was the best we could find (with HSBC). Horrific time sorting it out as well with the solicitors appointed being absolutely appalling (Integrar). Fixed for 5 year but genuinely considered 10+ just out of fear of what the Hell it will be in 2027! Surely things settle by then.

taio
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Re: Interest Rate Up

Post by taio » Thu Feb 02, 2023 1:21 pm

jedi_master wrote:
Thu Feb 02, 2023 1:17 pm
Our fixed rate was up December 1st - £220 a month more, and that was the best we could find (with HSBC). Horrific time sorting it out as well with the solicitors appointed being absolutely appalling (Integrar). Fixed for 5 year but genuinely considered 10+ just out of fear of what the Hell it will be in 2027! Surely things settle by then.
Curious as to why you used a solicitor just for a new mortgage deal?

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Re: Interest Rate Up

Post by jedi_master » Thu Feb 02, 2023 1:23 pm

taio wrote:
Thu Feb 02, 2023 1:21 pm
Curious as to why you used a solicitor just for a new mortgage deal?
We didn't Taio, HSBC appointed them to sort the simple things out (land registry alteration as we got married, etc). Unfortunately their communication was non existent, their incompetence delayed things repeatedly and so on. I would probably not fix with HSBC again as I believe they do all remortgage work using Integrar.
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RVclaret
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Re: Interest Rate Up

Post by RVclaret » Thu Feb 02, 2023 1:25 pm

jedi_master wrote:
Thu Feb 02, 2023 1:17 pm
Our fixed rate was up December 1st - £220 a month more, and that was the best we could find (with HSBC). Horrific time sorting it out as well with the solicitors appointed being absolutely appalling (Integrar). Fixed for 5 year but genuinely considered 10+ just out of fear of what the Hell it will be in 2027! Surely things settle by then.
Obviously things change but this could be the last rate hike for quite a while. In fact, the next move from the BoE will likely be rate cuts rather than hikes (this is what markets are currently pricing in anyway). I hope so anyway, I’m a first time buyer and will be moving to London at some point this year, where housing is currently completely unaffordable even with a well paid job.

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Re: Interest Rate Up

Post by MDWat » Thu Feb 02, 2023 1:28 pm

Fretters wrote:
Thu Feb 02, 2023 1:11 pm
And savers. Just relieved I'm on a fixed mortgage until 2025, I'm praying everything is back to normal by then as I can't afford a few more hundred a month.
Things should stabilise but they won’t go back to the levels they were a year or two ago for a long time.

taio
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Re: Interest Rate Up

Post by taio » Thu Feb 02, 2023 1:28 pm

jedi_master wrote:
Thu Feb 02, 2023 1:23 pm
We didn't Taio, HSBC appointed them to sort the simple things out (land registry alteration as we got married, etc). Unfortunately their communication was non existent, their incompetence delayed things repeatedly and so on. I would probably not fix with HSBC again as I believe they do all remortgage work using Integrar.
I'm with HSBC and I've always found that HSBC or Nationwide tend to offer the best deals. I recently fixed for two years after always fixing for five years.

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Re: Interest Rate Up

Post by jedi_master » Thu Feb 02, 2023 1:32 pm

taio wrote:
Thu Feb 02, 2023 1:28 pm
I'm with HSBC and I've always found that HSBC or Nationwide tend to offer the best deals. I recently fixed for two years after always fixing for five years.
HSBC definitely had the best rate by a long distance in December, for sure.

We were with Halifax and to fix for another 5 with them was over £400 a month more.

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Re: Interest Rate Up

Post by taio » Thu Feb 02, 2023 1:35 pm

Now is a really good time to overpay if locked into a say 4% - 5% deal and affordable.

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Re: Interest Rate Up

Post by Chobulous » Thu Feb 02, 2023 1:37 pm

Fretters wrote:
Thu Feb 02, 2023 1:11 pm
And savers. Just relieved I'm on a fixed mortgage until 2025, I'm praying everything is back to normal by then as I can't afford a few more hundred a month.
Not good for savers because very few banks are passing on the interest rate rises, or if they do it has to be dragged out of them, and even then it’s often only for new accounts.

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Re: Interest Rate Up

Post by CrosspoolClarets » Thu Feb 02, 2023 1:43 pm

Despite no more hikes being planned I’d suggest being very wary of expecting them to come down. I’d budget on 4% base rates for years to come, any reduction is a bonus.

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Re: Interest Rate Up

Post by Quickenthetempo » Thu Feb 02, 2023 1:44 pm

Fretters wrote:
Thu Feb 02, 2023 1:11 pm
And savers. Just relieved I'm on a fixed mortgage until 2025, I'm praying everything is back to normal by then as I can't afford a few more hundred a month.
For those not fixed, their mortgage rates will be far higher than any savings rates offered.

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Re: Interest Rate Up

Post by CrosspoolClarets » Thu Feb 02, 2023 1:46 pm

Chobulous wrote:
Thu Feb 02, 2023 1:37 pm
Not good for savers because very few banks are passing on the interest rate rises, or if they do it has to be dragged out of them, and even then it’s often only for new accounts.
NS&I have just released a new 1 year account at a high level, over 4% I think from memory, a few banks have too. For instant access there are loads of good deals in the 2%-3% range, there are also business savings accounts in that range such as Virgin.

Chobulous
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Re: Interest Rate Up

Post by Chobulous » Thu Feb 02, 2023 1:50 pm

I need to get off my backside and shop around. We have a lot of savings and no mortgage so in theory today’s news should be good.
I keep watching Martin Lewis but there’s so much content in his programs my head is cabbaged by it all

taio
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Re: Interest Rate Up

Post by taio » Thu Feb 02, 2023 2:07 pm

Chobulous wrote:
Thu Feb 02, 2023 1:50 pm
I need to get off my backside and shop around. We have a lot of savings and no mortgage so in theory today’s news should be good.
I keep watching Martin Lewis but there’s so much content in his programs my head is cabbaged by it all
Suggest a stocks and shares ISA investment fund if you can set aside for five years or more.

dsr
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Re: Interest Rate Up

Post by dsr » Thu Feb 02, 2023 2:12 pm

MDWat wrote:
Thu Feb 02, 2023 1:28 pm
Things should stabilise but they won’t go back to the levels they were a year or two ago for a long time.
Possibly never. The last 10 years or so have had artificially low rates based on government policy that appeared to consist of spending far more than we have got, and paying it back by printing more money. It might be a long time before that's repeated. (Hopefully.)

Base rate has only been below 2% two or three times in the last 500 years. Even when inflation is zero, you would expect a positive base rate.

Vino blanco
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Re: Interest Rate Up

Post by Vino blanco » Thu Feb 02, 2023 2:21 pm

Chobulous wrote:
Thu Feb 02, 2023 1:37 pm
Not good for savers because very few banks are passing on the interest rate rises, or if they do it has to be dragged out of them, and even then it’s often only for new accounts.
Not good for savers? Although most of my liquid assets are tied up in investment funds, I still have a chunk of cash sat in an interest bearing account in a bank in Burnley. Prior to interest rates going up I was getting a measly £40/month, with the interest rises this has shot up to almost £300/month, without it having to be “dragged out of them”. These were automatic increases, which is standard banking practice.

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Re: Interest Rate Up

Post by claretandy » Thu Feb 02, 2023 2:25 pm

Being on a lifetime tracker I've had a good run for the last 15 years.

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Re: Interest Rate Up

Post by Rick_Muller » Thu Feb 02, 2023 2:43 pm

Vino blanco wrote:
Thu Feb 02, 2023 2:21 pm
Not good for savers? Although most of my liquid assets are tied up in investment funds, I still have a chunk of cash sat in an interest bearing account in a bank in Burnley. Prior to interest rates going up I was getting a measly £40/month, with the interest rises this has shot up to almost £300/month, without it having to be “dragged out of them”. These were automatic increases, which is standard banking practice.
How much cash you got swilling around to generate £300/month interest? I got £25/month now on what I thought was a fair amount of savings!

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Re: Interest Rate Up

Post by Vino blanco » Thu Feb 02, 2023 2:47 pm

Rick_Muller wrote:
Thu Feb 02, 2023 2:43 pm
How much cash you got swilling around to generate £300/month interest? I got £25/month now on what I thought was a fair amount of savings!
Sufficient.
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Mala591
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Re: Interest Rate Up

Post by Mala591 » Thu Feb 02, 2023 3:09 pm

Interest rates go up
Mortgage costs go up
Inflation goes up

Am I missing something?

RVclaret
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Re: Interest Rate Up

Post by RVclaret » Thu Feb 02, 2023 3:11 pm

Mala591 wrote:
Thu Feb 02, 2023 3:09 pm
Interest rates go up
Mortgage costs go up
Inflation goes up

Am I missing something?
Yes, inflation is starting to go down.
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claretonthecoast1882
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Re: Interest Rate Up

Post by claretonthecoast1882 » Thu Feb 02, 2023 3:13 pm

Mala591 wrote:
Thu Feb 02, 2023 3:09 pm
Interest rates go up
Mortgage costs go up
Inflation goes up

Am I missing something?
Yes

Interest rates go up
Mortgage costs go up
Inflation goes up
Burnley going up
B**tards staying down
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karatekid
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Re: Interest Rate Up

Post by karatekid » Thu Feb 02, 2023 4:10 pm

Genuine question. When interest rates go up and mortgage repayments increase in line with it, who gets the extra money we have to find each month? I would assume it’s the banks getting a massive free windfall at our expense.

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Re: Interest Rate Up

Post by KateR » Thu Feb 02, 2023 4:27 pm

taio wrote:
Thu Feb 02, 2023 1:35 pm
Now is a really good time to overpay if locked into a say 4% - 5% deal and affordable.
Why? I'd have thought the very worst time to overpay and I believe I could put any spare funds to work to get more than 4%, obviously I am not talking about emergency cash needed.

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Re: Interest Rate Up

Post by Rick_Muller » Thu Feb 02, 2023 4:30 pm

Vino blanco wrote:
Thu Feb 02, 2023 2:47 pm
Sufficient.
You’re not Dave are you? But seriously you have cash most can only dream of, and I thought I was doing Ok in life. Congratulations :) (in the sincerest of ways)

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Re: Interest Rate Up

Post by Guitargeorge » Thu Feb 02, 2023 4:35 pm

Feel sorry for mortgage payers now, but we had to endure interest rates from lenders in the teens when we first started paying off our mortgage. Then when we had money in the bank, we endured fractions of 1% interest rates. Having said that, I do not feel sorry for any borrowers who have over-stretched themselves to live above their means

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Re: Interest Rate Up

Post by KateR » Thu Feb 02, 2023 4:38 pm

Rick_Muller wrote:
Thu Feb 02, 2023 4:30 pm
You’re not Dave are you? But seriously you have cash most can only dream of, and I thought I was doing Ok in life. Congratulations :) (in the sincerest of ways)
On the other hand, I can't understand anyone keeping that kind of cash, but that's just me, understand I am smart, I took my cash out and went into crypto, I'm only 85+% down now after yesterdays little pump :?

taio
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Re: Interest Rate Up

Post by taio » Thu Feb 02, 2023 4:40 pm

:ugeek:
KateR wrote:
Thu Feb 02, 2023 4:27 pm
Why? I'd have thought the very worst time to overpay and I believe I could put any spare funds to work to get more than 4%, obviously I am not talking about emergency cash needed.
Because not everyone will get a return on investment greater than the APR on their mortgage. I would suggest overpaying alongside investing in a stocks and shares ISA and holding a proportion of savings in an instant access account. No single approach

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Re: Interest Rate Up

Post by NRC » Thu Feb 02, 2023 4:55 pm

Vino blanco wrote:
Thu Feb 02, 2023 2:47 pm
Sufficient.
wouldn't having a mortgage as big as possible be of interest to someone of your alleged wealth, Vino? Tax deductible and all that.....?
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Vino blanco
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Re: Interest Rate Up

Post by Vino blanco » Thu Feb 02, 2023 5:01 pm

NRC wrote:
Thu Feb 02, 2023 4:55 pm
wouldn't having a mortgage as big as possible be of interest to someone of your alleged wealth, Vino? Tax deductible and all that.....?
I don't have a mortgage at all or any other borrowings or debts. Yes, I do pay quite a large amount in tax, though I am happy to do so as a tax-paying citizen.

It Is What It Is
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Re: Interest Rate Up

Post by It Is What It Is » Thu Feb 02, 2023 5:11 pm

The UK takes the financial p*** out if it's citizens.
I'm just on the front in Marbella for my 70th birthday treat.
Beautiful restaurant overlooking the med.
We ate like Kings and Queens, the full monty of starters with king prawns, mussels etc, fillet steaks cooked to perfection, deserts to die for. Top quality wines....works out £31 per head.
Can't believe I still live in UK!!
Christ...it's cheaper than a crap Chef & Brewer !
Time for a revolution!

Woodleyclaret
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Re: Interest Rate Up

Post by Woodleyclaret » Thu Feb 02, 2023 5:26 pm

This takes the pxxx record profits for Bank of England yet the greedy bxxxxxxs put up rates
Our repayments have gone up by £200 in a year

Healeywoodclaret
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Re: Interest Rate Up

Post by Healeywoodclaret » Thu Feb 02, 2023 5:43 pm

Nori1958 wrote:
Thu May 05, 2022 1:56 pm
A few years ago I was getting 6% on savings, for quite a few years now it's been near 0%....i doubt it will go back to 6%...or the 14% it was in the 80s.... Not everybody benefits from low interest rates.
What's Bank on Dave offering on zsavings these days? :D

Big Vinny K
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Re: Interest Rate Up

Post by Big Vinny K » Thu Feb 02, 2023 6:32 pm

Chobulous wrote:
Thu Feb 02, 2023 1:37 pm
Not good for savers because very few banks are passing on the interest rate rises, or if they do it has to be dragged out of them, and even then it’s often only for new accounts.
Loads of great savings rates out there.
Coventry Building Society have consistently been amongst the best since rates started to move up.
Chase decent rate and their app is very good indeed.
Use an aggregator site like Martin Lewis’

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Re: Interest Rate Up

Post by Big Vinny K » Thu Feb 02, 2023 6:37 pm

Woodleyclaret wrote:
Thu Feb 02, 2023 5:26 pm
This takes the pxxx record profits for Bank of England yet the greedy bxxxxxxs put up rates
Our repayments have gone up by £200 in a year
Not really how B of E works - it’s there as lender of last resort and to prop up the bank system or in the last few months after the Truss budget debacle to save the government and pension market.
The country would have collapsed a few times without the B of E.
The greed is from the commercial banks.

Interest rates do not go up and down to generate profits. They are an economic tool - mainly used to manage inflation.

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Re: Interest Rate Up

Post by basil6345789 » Thu Feb 02, 2023 6:42 pm

groove wrote:
Thu May 05, 2022 2:19 pm
It's not a cost of living crisis it's an inequality crisis. Check the rich list and see how much money the elites earned during covid.
This happens in any war and we have been at war with China for several years now - the virus war

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Re: Interest Rate Up

Post by Vino blanco » Thu Feb 02, 2023 6:50 pm

As I understand it, the Bank of England is owned by the UK Government and its residual profits go to H.M. Treasury.

RVclaret
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Re: Interest Rate Up

Post by RVclaret » Thu Feb 02, 2023 7:12 pm

Vino blanco wrote:
Thu Feb 02, 2023 6:50 pm
As I understand it, the Bank of England is owned by the UK Government and its residual profits go to H.M. Treasury.
This is correct.

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Re: Interest Rate Up

Post by GodIsADeeJay81 » Sat Mar 11, 2023 9:44 pm

How big a deal is the collapse of the Silicone Valley bank and it's UK subsidiary?

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Re: Interest Rate Up

Post by ClaretPete001 » Sat Mar 11, 2023 10:08 pm

Big Vinny K wrote:
Thu Feb 02, 2023 6:37 pm
Not really how B of E works - it’s there as lender of last resort and to prop up the bank system or in the last few months after the Truss budget debacle to save the government and pension market.
The country would have collapsed a few times without the B of E.
The greed is from the commercial banks.

Interest rates do not go up and down to generate profits. They are an economic tool - mainly used to manage inflation.
In reality the Bank of England is semi-autonomous after legislation around 87, which gave them some freedom from Gov't intervention based upon Gordon Brown's light touch approach.

Labour had a 'third way' approach based upon the work of the likes of Anthony Giddens whereby capital created the wealth and Gov't spent it on good works and social equity.

What actually happened was Labour created economic growth based upon consumer credit and the debt of the working classes, which then crashed
the economy because the debt just became too much.

In the states Bill Clinton adopted a similar approach and what we ended up with was a cataclysm of bad debt, which the the banks started to trade largely because the baara boys sim[ply didn't understand the complexity of the trades.

The middle class narcissist's that comprise the Left always deny this but it is undeniably true that Labour and the democrats crashed the world economy based upon the debt of the working classes and light touch regulation of the banking sector.

And yes, I blame ALK because let's be honest why not....!

And I predict that this will get this thread deleted..."

fatboy47
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Re: Interest Rate Up

Post by fatboy47 » Sat Mar 11, 2023 10:21 pm

ClaretPete001 wrote:
Sat Mar 11, 2023 10:08 pm
In reality the Bank of England is semi-autonomous after legislation around 87, which gave them some freedom from Gov't intervention based upon Gordon Brown's light touch approach.

Labour had a 'third way' approach based upon the work of the likes of Anthony Giddens whereby capital created the wealth and Gov't spent it on good works and social equity.

What actually happened was Labour created economic growth based upon consumer credit and the debt of the working classes, which then crashed
the economy because the debt just became too much.

In the states Bill Clinton adopted a similar approach and what we ended up with was a cataclysm of bad debt, which the the banks started to trade largely because the baara boys sim[ply didn't understand the complexity of the trades.

The middle class narcissist's that comprise the Left always deny this but it is undeniably true that Labour and the democrats crashed the world economy based upon the debt of the working classes and light touch regulation of the banking sector.

And yes, I blame ALK because let's be honest why not....!

And I predict that this will get this thread deleted..."

Subjective crap. And no I can't be arsed to give it a response.

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Re: Interest Rate Up

Post by ClaretPete001 » Sat Mar 11, 2023 10:45 pm

fatboy47 wrote:
Sat Mar 11, 2023 10:21 pm
Subjective crap. And no I can't be arsed to give it a response.
You would if you could fatty...1

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Re: Interest Rate Up

Post by ElectroClaret » Sat Mar 11, 2023 10:50 pm

GodIsADeeJay81 wrote:
Sat Mar 11, 2023 9:44 pm
How big a deal is the collapse of the Silicone Valley bank and it's UK subsidiary?
Was a feature on Sky news about this earlier in the evening.
Apparently, most financial institutions in America will be crapping themselves over the weekend
until they see which way things are going and how low the Dow Jones plunges, because make no
mistake, it will go down, just a matter of how far before it stabilises and how much money people will lose.

That's what they're saying anyway.

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Re: Interest Rate Up

Post by GodIsADeeJay81 » Sat Mar 11, 2023 10:58 pm

ElectroClaret wrote:
Sat Mar 11, 2023 10:50 pm
Was a feature on Sky news about this earlier in the evening.
Apparently, most financial institutions in America will be crapping themselves over the weekend
until they see which way things are going and how low the Dow Jones plunges, because make no
mistake, it will go down, just a matter of how far before it stabilises and how much money people will lose.

That's what they're saying anyway.
Apparently it's also a big issue for some of the crypto people

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Re: Interest Rate Up

Post by Bin Ont Turf » Sat Mar 11, 2023 10:59 pm

I think invading Belgium would help. They are hardly going to put up a fight.

It may not help the economy, but nicking all that chocolate and beer would keep the spirits up of the female and male population of this country.

But they can keep the mayonnaise on chips. F***ing weirdos.

IanMcL
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Re: Interest Rate Up

Post by IanMcL » Sat Mar 11, 2023 11:05 pm

Chobulous wrote:
Thu Feb 02, 2023 1:50 pm
I need to get off my backside and shop around. We have a lot of savings and no mortgage so in theory today’s news should be good.
I keep watching Martin Lewis but there’s so much content in his programs my head is cabbaged by it all
Cash ISA Barclays 1 year flexible fix (you can make 3 withdrawals) 4% interest. No tax. £20,000 permitted before April 5th. Another £20,000 from 6th.

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