The announcement of rates being cut from 0.5% to 0.25% will mean more bad news for pensioners and savers
Savers face further gloom this week with the Bank of England poised to cut interest rates in the wake of a post- Brexit slowdown.
The Bank could slash rates to 0.25% from the current record low of 0.5% on Thursday as part of a package of measures to kick life into the economy.
The record low interest rate would be further bad news for pensioners and savers who have seen meagre returns since rates were cut to half a percent in March 2009.
The Bank is also expected to reveal the biggest downgrade of growth since the 2008 financial crash, cutting its forecast for 2017 from 2.3% to 1%.
The stimulus package could also include re-launching the Funding for Lending scheme that sees banks offer government-backed cheap loans to business and another round of quantitative easing – printing money to boost the economy.
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