How the rate cut will affect borrowers and savers
Now interest rates have reached 0.15 per cent what does this mean for savers and borrowers?
The journey to last week’s announcement of historically low interest rates for Europe began in November 2011, the month Mario Draghi took over from Jean Claude Trichet as European Central Bank (ECB) president.
At its meeting that month, the ECB cut its key interest rate from 1.5 per cent to 1.25 per cent, a trend that has continued since with five subsequent rate cuts in December 2011, July 2012, May 2013, November 2013 and, the latest cut, last week.
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