News by email Donate

Suggestions

Mark-Carney-2-main_article_image.jpg
PA
UK News

Call to pray for financial decision-makers as base rate reaches record low

by Aaron James

Revd Peter Ould, a banking risk consultant and vicar, was speaking after the Bank lowered its interest rate from 0.5% to 0.25%.

The Bank's base rate dictates the amount of interest it charges to the high street banks for the money it issues, which in turn affects the rates at which ordinary customers can borrow money and how much interest they get on their savings.

Speaking on Premier's News Hour Peter Ould said: "There is a lot of politics involved, that means there's a lot of... pride and egos involved.

"We know that in Jesus we're called to lay those things down and look for the benefit of our common man and woman.

"We should be praying for people in power... to have wisdom, to do the best for the country."

Bank of England chiefs led by governor Mark Carney (above) decided to cut rates, and deliver an emergency package worth up to £170bn, to help the UK avoid a recession after the vote to leave the European Union.

They believe the measures will see the UK avert recession, despite lowering its growth prediction for 2017 from 2.3%, which it forecast in May, to 0.8%.

Revd Peter also explained how the base rate cut would affect ordinary people.

Listen to his answer on the News Hour:

A Monthly Gift Of $11 Makes A World Of Difference

In a world of fake news there’s never been a greater need for quality Christian journalism. Premier’s mission is to provide the Church with the most up to date and relevant news, told from a Christian perspective. But we can’t do it without you.

Unlike many websites we haven't put up a paywall — we want to keep our journalism free at the point of need and as open as we can. Premier’s news output takes a lot of time, money and hard work to produce. No one in the USA is sharing news like we are across radio, magazines and online so please help us to continue that today.

For a monthly gift of $11 or more we’d also be able to send you a free copy of the brand new Premier Bible, a wonderful Anglicised version of the NLT packed with exclusive bonus content, reading plan and resources to help you get the most out of scripture.

Your monthly support will make a world of difference. Thank you.

Support Us
Continue the conversation on our Facebook page

Sign up to our newsletter to stay informed with news from a Christian perspective.

News by email

Connect

Donate

Donate