So the govt set interest rates do they?

[Sockpuppet]

Not if your a new customer they don't.

http://news.bbc.co.uk/1/hi/business/7350020.stm

Doomed! Looks like my first house will be a cheap un...luckily as a contractor with savings I'm not stuck for a deposit.

[PAH]

There was a news story the other day that the govermin are considering forcing the mortgage companies to pass on interest rate cuts to their customers.

Nowt like a bit of jackass intervention to make a bad situation worse.

[MOH]

They soon shave it off the savings rates though

[Xenophon]

Not if your a new customer they don't.

http://news.bbc.co.uk/1/hi/business/7350020.stm

Doomed! Looks like my first house will be a cheap un...luckily as a contractor with savings I'm not stuck for a deposit.

...and if all else fails your cab is pretty cosy presumably...

[Dow Jones]

The 'Brown' era

Surely this smacks of Zimbabwe and Zanu-PF interventionism. What next? Forcing shops to sell at fixed prices?
BTW, what happened to the 'independence' of the BoE and its 'ability' to set interest rates ?

[BrilloPad]

And I thought the BofE set base interest rates.

[BrilloPad]

There was a news story the other day that the govermin are considering forcing the mortgage companies to pass on interest rate cuts to their customers.

Nowt like a bit of jackass intervention to make a bad situation worse.

exactly - it was all the regulations which encouraged regulations which caused the credit crunch. and now they want more regulations!

[b0redom]

http://www.independent.co.uk/news/uk...ut-808961.html

Says it all really.....

[Bagpuss]

It would be rather silly for NR to reduce the rates when they are trying to make it attractive to buyers by make it unattractive to new debt (borrowers)

[bogeyman]

exactly - it was all the regulations which encouraged regulations which caused the credit crunch. and now they want more regulations!

But that's all they understand.

Legistation! Regulation! Taxation!

With these three 'levers of power' they think they can make the country run like a well-oiled socialist paradise.

They fail to grasp the concept of 'carrots' at all - it's all 'sticks' to them - and more and bigger sticks when the punative regime they already have fails to deliver.

Endlessly, the bureaucracy multiplies and ties itself in knots, serving nobody and achieving nothing but utter bankruptcy, financially and ideologically.