Interest Rates Cut

If cutting interest rates so drastically helps the get us all out of this mess that has been created, then maybe it is not so bad. Hopefully though as banks desperately need cash then they will not cut interest on savings. I suppose Blanchflower will be jumping for joy, as he always votes for this what ever the financial situation, and I'm sure would like to see savers and investors make no gainful interest. Its about time that he was kicked off of thge rate setting committee, as his vote is always a fore gone conclusion.
Influensual people such as Richard Branson had called for a rate cut, as did many others, but many financiers were of the opinion that it would not make a difference and would not help the situation. Richard Branson also said that he belived that the Government should honour all deposits in failed British registered FSA banks in full, as small business had money tied up in them, also charities, and even Virgin.
I have now heard that investors in Icesave are to get back their original deposits, but yet again this seems to be a very vague sweeping statement by Alistair Darling, but one would hope that it does have some substance to it this time. If this is the case then has the hastily cobbled together £50,000 guarantee gone out of the window already? As he did say that he would take further action if necessary. I am totally unpolitical and won't vote for any of the scallywags, but I think Alister Darlings dithering, and uncertainity has been apaling.
Time to find a good bond a think, in joint names.

On todays news it was stated that infation is hitting pensioners really hard, with the true rate being at least double the stated rate.
Many rely on meagre life time accumulated savings to get by, but now see even worse interest rates likely to be paid on these savings, because of the greed of bankers, and the 0.5% slashing of the base rate.
I am not a pensioner but will be in about 10 years time, but I am angry that there is even talk of further rate cuts, which will hit the most vunerable in society. Inflation is still rocketing, but we see rate cuts that have been made necessary to cover for greedy bankers that are now sunning themselves somewhere in the caribean and putting two fingers up, to ordinary working people.
Not only do we have to dig in to our pockets to cover for the excesses of these 'bsrstewards', but we have to swallow an even poorer return on savings.
Angry, Angry, Angry you bet!!!!!!!!!!

Well it might be bad for some, but when my fixed rate mortgage finishes next year I revert to a BOE + 2% rate. With the lack of mortgage products available and the the recent sky rocketing fees for new products this will make staying with my existing bank much more affordable - if indeed other products are available to me.

It will also be good for others with low equity stakes (due to falling house prices) who can't remortgage and may prevent reposessions which is not a bad thing.

I know many of you are heading for retirement, purchased houses a long time ago and now have a nice stash of savings. But don't forget that the next generation is only starting to build up their lifetime savings. I personally have very little savings as every spare penny is being used to try and pay off my extremely large mortgage early.

I have heard it said that those who are around retirement age had it the best of any generation with the sale of many state assets assisting to fund a lifestyle that previous and future generations can only dream of. If this is the case and the lifestyle of the last few decades is now coming home to roost then my generation will indeed have to be much more foolish to achieve a reasonable standard of living.