John Goodfellow, chief executive of Skipton Building Society, said, "Many in the market, including Skipton, predicted this interest rate cut, faced with predictions that the UK’s housing market will remain static for the next five years and reports that consumer spending on the high street is still relatively sluggish. All that is left now is to see how this cut is reflected in savings and mortgage rates across the industry.
“For Skipton, as the Society with the lowest interest margin, we are keen to ensure that both investors and borrowers benefit from our competitive advantage, so we are currently reviewing our options to ensure a fair balance of rates across our product range. We hope to make a decision regarding Skipton Building Society’s rates next week. It is worth pointing out that any delay in making possible decreases to savings rates is in the interest of our investors, although those with both mortgages and investments tracking the base rate will see their rates reflect the full decrease, with effect from 19 August."
