Good news this morning
Mr Carney has indicated that interest rates at last will be set to rise, possibly as early as October. This is good news for all, but in particular pensioners and young savers. No indication has yet been given as to the percentage increase but it is hoped that it will be very substantial.
K 
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Mr Carney has just been on the national news-interest rates may rise as early as November, by .25%, average increase to mortgages £15 per month. Anyone who expects the Banks to pass on the increase to savers are going to get a shock I'm thinking
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Mind you he has been saying that for 1-2 yrs. now.
Its the old, old storey of a prophesy that eventually becomes self fulfilling.
Even I can predict that rates will rise - pity he can't give a fixed date for it.
How good is his crystal ball? Perhaps he can tell us when and how big the 2nd one will be?!
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.25%, they will all be incremental so as not to create too many problems for the economy or hardship for taxpayers & mortgage holders
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We took out our first mortgage in 1969, when interest rates were something like 5.5% (from memory) and by 1975 the interest rate had risen three fold or more! That made a huge difference to our standard of living even though salaries went up by what seemed like huge amounts. I think it was probably (in real terms) many more times the 'equivalent cost' of of the rise in borrowing, for today's borrowers. I would imagine that many on here lived through similar times. I can remember shopping and having to stick to a tiny budget each week for meat and working out the best way to spend that budget.
We managed, mostly living on fruit and vegetables, until our joint earnings caught up with expanding repayments.
Now, we're at the opposite end of the 'banking system' waiting for a rise in interest rates, which means it might actually pay us to keep money in the bank/building society!
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