Tuesday, Apr 22, 2008
Loving the bubble......
BBC News: Bank move has an immediate effect - 0.1% from Abbey
''...The Bank of England's plan to ease the credit squeeze has had an immediate impact with one of the UK's largest lenders cutting rates on some deals. ...''
Posted by hpwatcher @ 08:52 AM (782 views) Add Comment
8 Comments
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1. hpwatcher said...
A token?
2. bystander said...
but, but, but.......didn't Abbey just raise their rates on some deals, only yesterday in answer to the 'baillout' package. They are purely profit orientated and this token is just that. They are taking with one hand and taking with the other. Record bonuses and dividend payouts coming to these financial shores in the not too distant future. When will the sheeple rise up against these gamblers and build a stronger community based on trust and hard work, rather than distrust, greed and sloth (benefits hinder development and community, not aid)
3. it_is_going_with_a_bang said...
£50 Billion for 0.1%.
What is that saying then £500 Billion for 1%?
Or rather a we are just going to do for the sake of it cut.
"Look Gordon we said if you gave us £50 Billion we would cut rates - so we have jdone just as you asked over breakfast - but you never said how much ...."
4. paul said...
The MAGIC 0.1%!!!
0.1% is small enough not to make a difference to anything yet large enough to say "its gone up" (house prices) or "its gone down" (interest rates as token gesture).
5. str 2007 said...
Nice to see strong and authoratitive commenting by the BBC.
Their journalists got to the bottom of that one didn't they.
Headline straight from the Downing Street press office I think.
6. it_is_going_with_a_bang said...
Yes I think the Headline should actually read
"Bank move has an NO immediate effect - just a small 0.1% from Abbey"
But then the truth always seems to be avoided at the BBC.
7. growler said...
@ bystander
Indeed - from Times yesterday:
"Abbey has stopped selling buy-to-let mortgages to landlords, blaming "recent market moves" for a raft of measures announced today that will also penalise some residential borrowers. The bank said that it had temporarily withdrawn from the buy-to-let market to concentrate on its residential mortgage business. However it also introduced stricter lending rules for homeowners, who will now need a deposit worth at least 25 per cent of their property's value to qualify for Abbey's cheapest deals.
The bank has also reduced the number of different types of mortgage deals significantly, and now has only one tracker rate left on the market"
So with only one tracker, no BTL, much stricter conditions and only 0.1% off - work the maths out.
What fools the BBC are
8. I Want A House said...
The chancellor has saved the day... Not.