Piggy Bank

The Bank of England’s announcing what happens to interest rates

Rumour has it they're feeling pessimistic about the UK economy, despite having sounded more positive a few months ago

Eight times a year (honestly guys, do you understand how dull it gets for us to have to write this story eight times a year...), the Bank of England makes an announcement on whether or not it will raise interest rates. Today's one of those days.

What it means: The is basically the 'cost of borrowing' – how much money a bank charges you for taking out a loan. If the Bank wants people to borrow (and spend) more, it'll keep rates low, while if it thinks people should be putting a bit more money away, it'll push them up.

The interest rate is 0.5% at the moment, which is pretty low but still higher than it was a few months ago (they raised it from 0.25% in November).

Since Jan, there hasn't been as much activity in terms of goods and services produced and sold in the UK (described as 'economic growth'). Some say it's the Beast from the East that put a real downer on businesses, others say it's general uncertainty (*cough* Brexit *cough*).

We'll find out later today how the Bank of England feels about it all, but rumour has it the rate will probably stay as is.

Recent articles

Reader Comments

  • WhereAreTheVikings

    What a terrible, terrible shame. Western Civilization nurtured capitalism, and now capitalism is destroying it. And these young people seem to welcome the invasion of their homeland. The media and schools have been very efficient in wiping out all traces of blood and soil.

    • prollawalllynotahumanoid

      Capitalism isn’t the problem. It’s corrupt politicians taking bribes and kickbacks from Globalists and the Chinese.

      • WhereAreTheVikings

        Maybe I should have said crony capitalism. Although Italians importing Chinese to make “Italian leather” shoes is not crony capitalism. It is capitalism, pure and simple.

        • prollawalllynotahumanoid

          That would be crony capitalism and globalism combined. They aren’t concerned with the affect their policies have upon their citizens, the health and welfare of their society and culture or their economy. What it isn’t is fair-free trade to further national interests.

          • WhereAreTheVikings

            I’ve always seen them as one and the same, but perhaps they need to be named individually, just to bring home the point.

      • WhereAreTheVikings

        But now that travel is so easy and borders are virtually down through H1bs and the like, theoretically you can’t blame capitalists for the pursuit of cheaper labor, although I do heartily blame them not being more patriotic than that. Perhaps the emerging nationalism will force them to voluntarily do what they should have morally been doing all along, and that is employing business practices that preserve their countries and nationalities. The government should be doing everything it can to encourage that, to the extent that small government should do anything but guard the borders and strictly, drastically, limit immigration.

      • Henry Lam

        It is China with its corrupted mindset affecting the world.

        • prollawalllynotahumanoid

          No it is not. Capitalism is the fairest and least corrupt system of all.

          Socialism and communism is based on authoritarianism, coercion and police intimidation. It has and always will be rife with criminality, bribes and kickbacks.

          Corruption can be anywhere but it is the very basis of socialism and communism.

    • Henry Lam

      The government is too weak. They do not understand the mindset of communists and how they educate their people. Those communist people are only loyal to their country and could be dangerous. The immigration law should only accept those who accepted multiculturalism and taught from a democratic education system. This virus events clearly has shown how stupid to take China as a friend.

      • WhereAreTheVikings

        The government is not too weak. Just weak-minded about some things.

  • Gabi Rodrigues

    For how many days can a country maximum close their borders to foreigners maximum? Like now, with the virus, everyone is using 30 days. Can it be more?