New flexible Base Rate for Bank of England

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New flexible Base Rate for Bank of England

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The current historical low Bank of England base rate has failed to bring down borrowing costs as much as expected while savings rates have been slashed considerably, and inflation has been exceeding expectations.

To provide a fairer future for savers and borrowers and hopefully keep inflation under control, I urge the Government to abandon the current single percentage "guide" Base Rate stratagem and replace it with a new "flexible Base Rate", which would define a legally-binding mininum percentage rate for savers and a legally-binding maximum percentage rate for borrowers.

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