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Darling: Government will not call for rate cut

Published: 6 October 2008 in Unsecured Loans

The chancellor of the exchequer Alistair Darling has told how the government will not urge the Bank of England (BoE) to make cuts to the current base rate of interest, it has been noted.

In news that may be of interest to those seeking unsecured loans, the news agency Reuters reports that the chancellor did say parliament would take steps to ease the credit crunch.

With the BoE's monthly meeting set for this Thursday, several sector analysts have speculated that the monetary policy committee will cut rates from five per cent - where they have remained since April - to 4.75 per cent.

Liberal Democrat economic spokesperson Vincent Cable said: "A big cut [in interest rates] is going to have to happen and the chancellor of the exchequer is going to have to clear the way in order for them to do it."

Meanwhile, those searching for unsecured loans may be interested to hear that the return of parliament was marred today (October 6th) by continuing economic fears, the Telegraph reports.

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