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.
The material here is for general information only and is not intended to be relied upon for individual investment decisions. Appropriate independent advice should be obtained before making any such decisions. Mulberry Financial Ltd does not accept any liability for any loss suffered by any user as a result of any such decision.
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.
Please remember that the prices of shares and other investments can fall sharply. You may not get back the money you originally invested. Past performance is not necessarily a guide to the future.
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