The Bank of England (BoE) has cut rates by 25 basis points and also unveiled a package of stimulus measures designed to prevent the economy from a slowdown. Will this help West Kirby Mortgage Rates
The UK central bank has restarted its quantitative easing (QE) programme and will purchase an additional £60bn in gilts, as well as up to £10bn in corporate bonds over the next 18 months. It will also introduce a new Term Funding scheme, worth up to £100bn, in order to encourage more bank lending.
The moves come alongside sharp downwards revisions to growth forecasts in the quarterly inflation report. The BoE now expects 2017 GDP growth of just 0.8 per cent, down from a previous forecast of 2.3 per cent. Its 2016 forecast has been held at 2 per cent after better-than-expected growth in the first half.
Most people seem to have woken this morning hearing the news that the UK has voted to leave the European Union with shock. The currency markets certainly seem to have been surprised. But what does it mean for an investor leaving Europe? Get professional Brexit investment advice from Knutsford financial advisers.
At midnight last night, the pound was trading at $1.46 to then have fallen to $1.32 at 4.15am. As we write, the pound has rallied to $1.39 at 9a.m.
The world markets have reacted to the news with the FTSE 100 share index falling from 6259 at midnight, to 6054 at 4.52am.
Interest rates have fallen to new record new lows, after cuts to hundreds of accounts in recent months.
Analysis for BBC News showed that many people who rely on their savings income, are worse off than ever before!
But how do you make the best of your money combatting these Low Interest Rates.
Our Knutsford IFA can guide you through this minefield.