2007 ended with lower lending levels from banks

A recent report has shown that there was a significantly lower level of lending to households from banks in the UK during the fourth quarter of last year. The information was released by the Bank of England, and officials from the Bank of England have put the drop in lending levels down to a number of different factors. The data came from the Bank of England’s Quarterly Credit Conditions Survey result. Read more

Tags: summer, higher inter-bank charges, end, global slowdown, interest, interest rtae, bank of england, lenders rejecting applications

Bank savings interest rates start to come down

The interest rates being offered to savers with some banks have already started to fall following the recent base rate cut from the Bank of England. Following the latest Monetary Policy Committee meeting early in December the Bank of England announced that interest rates would be falling by 0.25% taking the rate from 5.75% to 5.5%. This followed a series of five interest rate rises between August 2006 and July 2007, after which there were several months where the interest rate remained unchanged at 5.75%. Read more

Tags: interest rtae, saving account, recent base rate, base, bank of england, lloyds tsb, United Kingdom, certain level