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Tuesday November 21st, 2017 

News Archive - August 2013

UK Interest rates

22/8/2013

I keep going on about this, but interest rates are very likely to stay lower for longer than was previously expected.

Mark Carney, the new Governor of the Bank of England, has stated that interest rates will not move upwards until the rate of UK unemployment moves below 7%. This is not forecast until 2016.

At the same time he has confirmed that getting the economy moving is currently a higher priority than controlling the level of inflation.This means that inflation may be allowed to rise higher than previously (it has already been above the long term target level of 2% for most of the last 5 years).

The combination of low interest rates and high inflation is awful for people with their long term savings in cash.Although the monetary value of your nest egg is not falling, its buying power is gradually being eroded each year.

Please contact Mulberry Financial if you would like advice on protecting your savings against inflation.

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The information is based on our understanding of current HMRC rules and practices (as at the news article date) which are always subject to change. Taxation and trust advice and Cash ISAs are not regulated by the Financial Conduct Authority. This site is aimed at UK residents only.
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