Giles Cross, CEO of P2P lending platform FOLK2FOLK, said: “Despite inflation finally falling, today’s figures still remains high, thus continuing to put a strain on finances. Even if the Bank of England decides on Thursday to raise interest rates, many are still doubtful that consumers will actually see the results of this, especially given how some banks are failing to pass on the results from the previous rate rise. Even so, rates would need to rise a significant amount to make any notable difference to consumers.
“Those looking for ways to get a positive return on their money should see the start of the new financial tax year as the perfect opportunity to explore different saving avenues. The investment sphere is ever changing, with the extension of ISA limits and the introduction of new products such as the Innovative Finance ISA (IFISA). By allowing P2P lending platforms to be part of the ISA wrapper, investors are now benefiting from inflation beating rates without the volatility of the stock market.”