![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhzCr4Qm-YxMg64Mc94v6PCL_4JvKxF2MMey4sGal4wlAS0TgH5AuBvP1tvxzAM2__Ja8G5RRYdTrFnV9owYTpjKQcrSsv8fUGSwQ3tYvWD_0lTOpCJ_b9FSQfcqvzgtxi6RdlqE323Qtw/s320/photo-752658.jpg)
Todays news that the Bank of England has lowered interest rates by
1.5% to 3% although a good move..... It won't be actioned fast enough
by the banks in time for the festive season..
As a customer with a tracker mortgage I'll benefit, yet the bank did
not action the 0.5% drop last month in time for this months mortgage
payment, which means this months rate drop will not take effect till
January.
The result, less money to spend during the Christmas period, less
money buying goods and services, less demand, more job cuts.
The need? A firework up the backside of the bank that has been quick
to process an interest rate increase and painfully slow to process a
decrease. There is no point in giving a cut unless banks are forced to
process it quickly.
What happens next? I predict a further cut of 1.0% next month, and
that won't be enough. Banks are greedy.