P77, were the people you met in England holiday makers from Japan?
Because there is no way anyone who lives in the UK could have a 2-4% interest rate when the base rate is currently 5%. Lowest you will get is 5.75%.
UK interest rates unchanged at 5%
UK interest rates have been held at 5% as the Bank of England decided to focus on inflation risks, despite signs that the economy is slowing. The rate freeze had been expected, although many analysts now predict that rates will be cut to 4.75% in June. The decision came despite a flurry of downbeat data which added to worries about the state of the UK economy. However, rising fuel and food prices means that inflation is ahead of the government's target.
...and here's your proof....
http://news.bbc.co.uk/2/hi/business/7389750.stm
Further cuts to interest rates are needed to prevent the economy from drifting towards recession
Steve Radley, EEF 'Recession risk' "The latest data shows the economy is slowing, albeit only gradually, and at the same time inflationary pressures continue to mount," said Ian McCafferty, chief economic adviser to the CBI business group. "The Bank faced a difficult decision, but it is no surprise that rates were kept on hold this month." Meanwhile the body representing Britain's manufacturers, the EEF, said that the decision to hold rates was only delaying the inevitable cuts. "The economy has been through a series of shocks since the credit crisis hit last summer and the Bank has been right so far in responding with a measured approach on rates," said the EEF's chief economist, Steve Radley.
