Bank of England cuts UK base interest rates to .25% and pumps more money into the economy

The Bank of England voted to cut base interest rates from 0.5 to 0.25% today, and pump more money into the economy by quantitative easing (QE) - printing money to you and me!

The move is designed to stimulate the economy, including a £100bn scheme to force banks to pass on the low interest rate to households and businesses, and will reduce mortgage payments for millions of borrowers, which should encourage us to go out and spend more money.

Bank of England Governor Mark Carney said there was scope to cut the interest rate further.if the UK went into recession, and added that a majority of the nine-member Monetary Policy Committee (MPC) backed a further cut if subsequent data showed the economy was slowing.

What does all this mean to the average person?

For most people, it will not make much difference to their daily lives. Over half the population do not have a mortgage, but savers, especially the retired, will suffer a further fall in the amount of interest they receive.

The question to ask yourself is: how will this affect my economy?

Despite the fact that the Bank of England has been printing money, the high street banks are not lending enough to small businesses, and mortgage brokers tell me that the lenders are restricting loans and pulling in their reins.

In the digital economy, things are still booming worldwide, A growing trend is for a more fulfilled and less materialistic life. People in developed countries are starting to move away from the traditional way of working in a job, with more and more of us opting to work from home or spend more time with the family, even if this means giving up a corporate job with a large salary.

In the last few years technology has made this dream a reality for millions of people who want to leave the rat race.

Anyone, for instance, stay-at-home mums and dads or home-based entrepreneurs, can now work from home using platforms set up by companies like Upwork.com, fiverr.com, Ebay or Amazon.com. We can even trade stocks and currencies using real-time software linked to trading floors that would have been out of reach for individual traders just a few years ago.

Starting a business online in the multi-billion dollar digital economy has never been easier and does not require risking the huge capital needed for traditional bricks and mortar business, such as a franchise or retail outlet.

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