Figures released at the end of January revealed that the final quarter of 2017 saw the economy expand by 0.5%. The Bank of England has now indicated that the pace of interest rate rises could speed up if the outlook remains positive. Although Mark Carney and his colleagues voted to keep interest rates on hold at 0.5% at their latest meeting, they did indicate that the rates will need to rise “earlier” and by “a somewhat greater extent” than previously thought. As a result of the Bank’s comments, the value of the pound jumped by about 1% against both the dollar and the euro.Continue reading →
After months of speculation, the Bank of England finally raised interest rates in the UK for the first time in over a decade. The increase from 0.25% to 0.5% might seem small, especially when you consider that the last time the interest rate was increased in July 2007 it was up to 5.75%, but the fact that interest rates are going up at all after more than ten years at rock bottom is significant. Continue reading →
The deputy governor of the Bank of England has stated that the bank should not be tempted to increase interest rates due to “imponderables” within the UK economy. The comments from Ben Broadbent, an ally of the governor of the Bank of England, Mark Carney, and a member of the Monetary Policy Committee (MPC), were published in an interview in mid-July and have suggested that any chance of borrowing costs rising soon are incredibly slim.
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