Bank of England keeps interest rates at historic low

Interest rates in the UK have remained unchanged for a year now and with inflation on the rise there has been much conjecture about when they may increase.

During the latest meeting of the Bank of England’s Monetary Policy Committee members voted 6 – 2 to leave interest rates on hold at 0.25 per cent and it lowered its inflation, growth and wage forecasts, as the UK faces months of uncertainty surrounding Brexit negotiations.

Bank of England Governor, Mark Carney, announced in a press conference that business investment was slower than expected thanks to Brexit.

 “It’s evident in our discussions across the country with businesses that uncertainties about the eventual relationship are weighing on the decisions of some businesses,” he added.

While those with debt might welcome the freeze on interest rates, those with savings will continue to see their money languish in accounts with poor interest rates, which is why it is essential that those with surplus savings consider diversifying their portfolio to maximise their return, whether it is through bonds, stocks or shares or even investment in tangible assets.

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