AARP Finance - The Bank of England today announced its single largest interest rate drop since 1981. The reduction of 1.5% was welcomed by the trade unions, Confederation of small businesses and the House builders Council.
Lloyds TSB announced that it will pass on the full amount of the rate cut from 1 December. Other banks are set to follow suit. This follows rate cuts in USA, Japan and Australia. It is also likely that other central banks will announce reductions in the near future.
European Central bank cut rates by 0.5% and Korea is expected to announce a rate reduction tomorrow.
Stock markets around the world had a bad day however which indicates there is a no quick fix the the worlds financial woes.
If AARP members are looking for ways to increase their income, they perhaps need to take matters into their own hands and consider starting their own business or at least associate themselves with a business that is still making money.
Changes in administration following the election of Obama will affect how aid packages and financial rescue plans approved and in the pipeline will be implemented and it is expected that national dept will continue to increase as the USA still need to support companies and AARP home owners and it is perhaps this matter which is holding back a recover on the stock market.