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How quickly will UK interest rates reach 0%?

As the UK recession gets deeper and deeper many economic experts are predicting UK interest rates will reach 0% in the first part of 2009. The government has nearly exhausted all other options in an attempt to refloat and replenish the economy with literally hundreds of billions of pounds already spent with very little impact as yet. Savers are struggling to survive on their incomes having seen interest rates fall from all 5% to near zero for any in a very short space of time.

The fact that the US authorities have already reduced their rates to near 0% paves the way for similar moves throughout the world with the UK set to be one of the first followers. Such a move would be drastic although at this moment in time there are very few options for the government as they attempt to pump some life back into the UK economy. There is no doubt that 2009 will see yet more pain in the money markets and the property market with record numbers of homeowners set to lose their property.

Government moves to slow down the repossession process appear simply to be delaying the inevitable for many people with the terrible repercussions these may bring.

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