Interest Rate Dilemma

[rootsnall]

15% was a reaction to propping up the £ and overspill from reigning in the excesses of Lawson’s give-away budgets it would have to be an exceptional set of circumstances to see that again.

I think was only at 15% for a few hours on the day we were forced out of the ERM. It followed a spell of the country living beyond its means, a bit like the last few years come to think of it.

[ASB]

I think was only at 15% for a few hours on the day we were forced out of the ERM. It followed a spell of the country living beyond its means, a bit like the last few years come to think of it.

If memory serves they never actually made it to 15%. The rate was increased from 10% to 12% with the announcement that a further 3% rise was to be made the following day. However by then we were out of the ERM so I don't think we ever actually got bases rates of 15%.

At the time I had a mortgage of 160k. Ouch.