Interest rate cut required to help ease credit crunch

Only one out of seven Britons believes that the housing market crisis will improve within months, the Times reported yesterday. This was according to a Nationwide Building Society survey, which also revealed that the consumer confidence index had fallen to 77 last month – its lowest level since the inception of the index four years ago. These statistics place even greater pressure on the Bank’s Monetary Policy Committee to rule in favour of a rate cut today.

Nationwide’s figures follow a severe slump in housing prices – down to their lowest levels in more than a decade – and a desperate battle by ministers to prevent another rise in home repossessions. It is believed that a reduction in interest rates may help to alleviate some of the pressure placed on homeowners by the credit crunch. However, the downward adjustment – reportedly by a quarter of a percentage point – is unlikely to have a significant impact on consumers, say analysts.

Nonetheless, even a small rate cut is critical at this point, believes Richard Lambert, Director-General of the CBI. Speaking to the Times, Lambert said, “It seems clear that another deduction in rates is in the pipeline. The Bank should make a quarter-point cut now, rather than later, to help hard-pressed businesses and consumers.”

Despite this rate cut, many homeowners will continue to struggle to meet their mortgage commitments. If you are battling to keep up with exorbitant home loan payments, or are facing repossession, MPG can help you. Sell your property to us, for cash, in just 7 days, and put interest rate woes behind you for good.

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