CML welcomes base rate cut

The Council of Mortgage Lenders welcomes today’s decisive move by the MPC to reduce the Bank rate to 3%.

CML director general, Michael Coogan, said:

“This is a strong and decisive move by the Bank of England. They have grasped the nettle in a worsening recessionary environment.

“What is important is how this feeds through to lenders’ borrowing costs- and lenders will need to balance the interests of savers, as well - but such a sharp downward movement provides more room for lower borrowing costs more quickly.”

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