BOE Interest Rate

[anonymous-user]

So the Bank of England have decided to keep the interest rate at 0.25% this month, but it looks likely that they are going to reduce it to 0.1% in November. Can anybody explain to me what the point of this is aside from a final nail in the coffin for savers?

I have a six figure sum in the bank and I think I am going to have to admit defeat on this one now. I held on to the bitter end but they have won, they have made it pointless to have any sort of savings anymore.

So I will buy a property in the next few months, that was always the plan but I might as well do this sooner rather than later.

If I become a good little government debt slave I suppose I better queue up for my brand new iPhone 7 and lease car to go with it. Spend, Spend, Spend as the government will always bail out the reckless and punish the sensible.

[All that jazz]

http://p2pindependentforum.com/

Is one solution.

[anonymous-user]

All that jazz said:

http://p2pindependentforum.com/

Is one solution.

Although that sounds good in theory, the fact that it is not regulated at all and the company could disappear and say "Sorry, we lost all your money" makes me slightly nervous.

[mike74]

Well done, you've done exactly what the boe want you to do... abandon your savings by ploughing them into the property bubble in order to keep the Ponzi scheme going that little bit longer.

Good little obedient debt drone.

Edited by mike74 on Friday 16th September 06:55

[klmhcp]

mike74 said:

Well done, you've done exactly what the boe want you to do... abandon your savings by ploughing them into the property bubble in order to keep the Ponzi scheme going that little bit longer.

Good little obedient citizen drone.

Riiiight. >backs away slowly<

[mike74]

klmhcp said:

Riiiight. >backs away slowly<

Just keep on desperately ramping the Ponzi scheme that you've recently bought in to if that's what it takes to make you feel better.

[anonymous-user]

mike74 said:

Well done, you've done exactly what the boe want you to do... abandon your savings by ploughing them into the property bubble in order to keep the Ponzi scheme going that little bit longer.

Good little obedient debt drone.

Edited by mike74 on Friday 16th September 06:55

Trust me that is the last thing I want to do and I am one of those people who honestly thought this whole debt issue would come crashing down by now. But it hasn't, the government have reduced interest rates and just print more money (QE) when it looks like the economy is slowing down again.

In the past the market would have been left alone, now the government are trying to stop the bust by printing more money.

And I am the most debt adverse person ever, even the thought of getting a mobile phone contract unnerves me. No loans, no credit card debt no nothing.

[13m]

Joey Deacon said:

mike74 said:

Well done, you've done exactly what the boe want you to do... abandon your savings by ploughing them into the property bubble in order to keep the Ponzi scheme going that little bit longer.

Good little obedient debt drone.

Edited by mike74 on Friday 16th September 06:55

Trust me that is the last thing I want to do and I am one of those people who honestly thought this whole debt issue would come crashing down by now. But it hasn't, the government have reduced interest rates and just print more money (QE) when it looks like the economy is slowing down again.

In the past the market would have been left alone, now the government are trying to stop the bust by printing more money.

And I am the most debt adverse person ever, even the thought of getting a mobile phone contract unnerves me. No loans, no credit card debt no nothing.

Tory tax policy indicates that they don't want you to buy property.

1. They want existing properties to be bought and owned by Tory voters.

2. They want rented property to be provided by large instituions.

[C0ffin D0dger]

Joey Deacon said:

I have a six figure sum in the bank and I think I am going to have to admit defeat on this one now. I held on to the bitter end but they have won, they have made it pointless to have any sort of savings anymore.

Why? That money would perform much better in unit trusts / stocks and shares ISA if invested sensibly i.e. not too many very high risk funds. My pension has been pretty well last few years (15%+) and that's invested in equities.

[Craikeybaby]

C0ffin D0dger said:

Joey Deacon said:

I have a six figure sum in the bank and I think I am going to have to admit defeat on this one now. I held on to the bitter end but they have won, they have made it pointless to have any sort of savings anymore.

Why? That money would perform much better in unit trusts / stocks and shares ISA if invested sensibly i.e. not too many very high risk funds. My pension has been pretty well last few years (15%+) and that's invested in equities.

That's what I was thinking too. There are other options between money in the bank and buying houses.

[red_slr]

Its worrying tbh. We are seeing very poor growth on our pensions and its that critical time now in the middle of the term where they should start to compound much better but its just not happening.

[Jockman]

At this level of rates the BOE is simply tinkering politically.

It is already taking credit for steadying the ship post brexit with its QE and interest rate reduction but if the truth be known Carney has never exuded confidence in what he is doing.

[sidicks]

red_slr said:

Its worrying tbh. We are seeing very poor growth on our pensions and its that critical time now in the middle of the term where they should start to compound much better but its just not happening.

Why is the middle of the term 'critical' as far as compounding is concerned?

[red_slr]

Because we are at that stage where we have good level of contributions for our age plus our existing payment is starting to ramp up so, for us, its a critical time IMHO. We should start to see it take off and that compound curve start to kick in, but it seems to be taking its sweet time.

[oyster]

Joey Deacon said:

So the Bank of England have decided to keep the interest rate at 0.25% this month, but it looks likely that they are going to reduce it to 0.1% in November. Can anybody explain to me what the point of this is aside from a final nail in the coffin for savers?

I have a six figure sum in the bank and I think I am going to have to admit defeat on this one now. I held on to the bitter end but they have won, they have made it pointless to have any sort of savings anymore.

So I will buy a property in the next few months, that was always the plan but I might as well do this sooner rather than later.

If I become a good little government debt slave I suppose I better queue up for my brand new iPhone 7 and lease car to go with it. Spend, Spend, Spend as the government will always bail out the reckless and punish the sensible.

Why do you feel entitled for reward having not exposed your cash to any risk?

[klmhcp]

oyster said:

Joey Deacon said:

So the Bank of England have decided to keep the interest rate at 0.25% this month, but it looks likely that they are going to reduce it to 0.1% in November. Can anybody explain to me what the point of this is aside from a final nail in the coffin for savers?

I have a six figure sum in the bank and I think I am going to have to admit defeat on this one now. I held on to the bitter end but they have won, they have made it pointless to have any sort of savings anymore.

So I will buy a property in the next few months, that was always the plan but I might as well do this sooner rather than later.

If I become a good little government debt slave I suppose I better queue up for my brand new iPhone 7 and lease car to go with it. Spend, Spend, Spend as the government will always bail out the reckless and punish the sensible.

Why do you feel entitled for reward having not exposed your cash to any risk?

History probably.