Well, mine IS going down. My A&L mortgage is contractually tied to BoE base rate, so I will be saving.
However, I'm still strongly of the opinion that dropping the interest rate like this is absolutely the worst thing for the country.
It will stave off depression for another couple of years, but then we'll just be looking at an even worse crash. And in the meantime, house prices will be staying at unsupportable levels and inflation will be going through the roof.
It's a pretty insane decision if you ask me. Don't be surprised if hyperinflation happens within just a few years - the Pound will be going the same way as the Zimbabwean Dollar and then we're all completely screwed.
The cynic in me suggests that senior banking officials, the rich people of the world, govenrment bodies etc. are all for just dropping rates to prop up the economy for a couple of years - just long enough for them to get their personal investments out, and then they'll p*ss off to various islands in the sun and leave the whole lot to come crashing down.
AND ANOTHER THING!
Japan's spent the last 20 years suffering as a result of trying to buy their way out of a depression and they at least are a country that's a net creditor nation! As a country we ARE going to suffer by going down this route - as a net debtor nation it's going to be 10 times worse than Japan had it.
The only way out is to take the pain ASAP. Put up rates. Cut state handouts.
People will end up homeless, starving on the streets. Yes. I'm afraid so. But it's going to get exponentially worse the longer we leave it!