The Bank of England made a bold move today by cutting interest rates by 1.5 Percent to 3%.
This is the start of a roller coaster journey as the UK slides into recession along with the rest of the world. This cut is a 53 year low.
This is good news for those of you who are on variable rate mortgage with the average monthly payment dropping by just over £100 for an average mortgage of 150k.
The cut is not so good for those of you on fixed mortgage plans however or for those of you who have large amounts of cash in savings accounts.
During these difficult times I would urge you to move a portion of your savings into other more secure investment vehicles such as Gold or Land.
The Bad news today was:
FTSE 100 closed down 258 points
FTSE 250 closed down off 236 points
DJI was down 296 points
Nasdaq closed down 47 points
The battle is not over yet folks so buckle up.