Bank of England Interest Rates Cut

The UK Interest Rate has been cut by 0.25% to 5.5% - the first drop in rates in 2 years. Partly due to house prices dropping, the Bank of England made the move that many experts predicted would happen.

Following on from this news, it has also been predicted that the UK will see 2 further drops within the opening 6 months of 2008. Many predict these will happen in February and May.

With the Secured Loan industry facing tough times due to the "Credit Crunch" this will also be seen as welcome news and many within the industry will be encouraged by the Bank of Englands moves.