Altmann hits out at 'panic' rate cuts

The pensions campaigner and former adviser to the Number 10 Policy Unit says the negative effects of "panic" cuts far outweigh the positive as public confidence drains. Altmann adds most homeowners would not benefit from another interest rate drop and claims such a move would push more pensioners into poverty. Rates have been cut from 5.5% to 1.5%, a historical low, in recent months and most expect the Bank of England's Monetary Policy Committee (MPC) to sanction a further cut tomorrow lunchtime. "Most expect rates to be cut again [but] I urge policymakers to think again," Altmann say...