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Exact(22)
Although there had been a slight fall in rates on so-called low-interest cards, the escalation had occurred at the top end of the market.
Interest rates in emerging markets, which were already high, have shot higher, although the fall in rates in the United States has provided some relief.
When interest rates were set by the Chancellor before 1997, a fall in rates would be trotted out ahead of an election as a sweetener.
And for those who rely on the interest from their savings to provide them an income, the fall in rates is proving a real headache.
He said the view that a fall in rates was still "a long way off" was reinforced by today's report from Nationwide Building Society, which indicated another rise could be expected next spring or summer.
Data issued this week by Moneyfacts revealed there has been a dramatic rise in the number of buy-to-let mortgage deals available, and an equally dramatic fall in rates.
Similar(38)
Gas control was introduced in 10 sites, and in these a 25% fall in rate ratio was observed, but again, the 95% CI included unity.
"Often the increase was of just a small number of calls but, set against large national falls in rates, the records of these areas does not look good".
"The falls in rates will likely cause much disappointment for savers who did not see a fruitful ISA season this year and have pinned hopes on the new limits to provide new deals so they can boost their income," she said.
Banks and building societies have responded to the fall in interest rates by pulling accounts rather than reducing rates, financial information provider Moneyfacts said.
But, if it were independent, and could not cut interest rates, it would have to respond to a fall in interest rates by cutting spending or raising taxes.
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