Interest-Rates / UK Debt
Apr 27, 2017 – 04:41 AM GMT
By: Nicholas_Kitonyi
The UK lending market has benefited from the reduced lending rates after the interest rate was reduced to an historical low. The UK base interest rate was cut in half in August last year to 0.25% in a bid to stimulate economic growth and it has remained at this level for the last eight months. This affected the UK Prime Lending Rate, which fell to 1.25% from about 1.55% in July and has since remained fixed at this level.
This has contributed to the increased debt load amongst UK consumers as they move to capitalize on the low lending rates. The good thing about low lending rates in an improving economy is tha…
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