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Interest rates cut to 5%
10 April 2008
Interest rates have been trimmed by 0.25 per cent, the Bank of England has today announced.
The Bank's Monetary Policy Committee revealed that rates will now stand at five per cent in a bid to curb inflation.
It will come as welcome news to mortgage holders and other borrowers who are continuing to struggle to keep up with repayments and day-to-day living costs.
Commenting on the announcement, Adrian Coles director general of the Building Societies Association, said: "Today's rate cut shows that the Monetary Policy Committee recognises the potential risks to economic growth and the housing market.
"With activity in the housing market cooling, this rate cut should make it easier for borrowers to meet their mortgage costs."
He added that the cuts will be particularly beneficial to those taking out a new mortgage or coming off a fixed-rate loan.
The quarter-point trim is the third since December 2007 and is expected to be followed by further cuts later in the year. 
