DanAronG
Joined: 17 Oct 2008
Posts: 103
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| Posted: Mon Mar 02, 2009 3:34 pm Post subject: Building Societies Association fears rate cut |
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The Building Societies Association (BSA) has given a statement calling for the Bank of England's monetary policy committee to avoid cutting the base rate further, stating that it would actually be detrimental to both the housing market and mortgage market and also be a further blow to savers.
Adrian Coles, Director-General of the BSA stated "If the Bank of England wishes to make a contribution to a recovery in the housing and mortgage markets, it should not cut interest rates this month. We need to encourage an increase in the flow of funds into the mortgage market, not take steps that would further restrict that flow."
Commenting on the best way to support the housing market, Mr Coles mentioned quantitative easing as the best way forward and calls on the government to fully assess the impact of its past few decisions before cutting them again |
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