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M&G Wealth’s Les Cameron comments on the implications of today’s base rate increase
Following today’s announcement from the Bank of England that Base Rate will rise to 0.75%, Les Cameron (pictured), financial expert at M&G Wealth, said:
“What remains to be seen is whether this rise in base rate will translate to higher rates available to savers or to increased borrowing costs.
“With the current high levels of inflation we’re experiencing, a modest increase to savings rates would still mean that most cash or near-cash savers, for example National Savings & Investments, would see their wealth being eroded in real terms. Of course many of those with cash savings are pensioners who spend a higher proportion of their savings on energy costs, which we know are increasing at a much higher rate even than the headline inflation rates. The increasing cost of living, as evidenced by the 54% increase in average energy bills announced recently, will mean those repaying debt that is not on a fixed rate will no doubt feel the pinch even more if rates rise.
“With higher inflation and potentially higher borrowing costs, reviewing finances to make sure you’re prepared for the future has never been more important and, for many, that will involve seeking some form of professional financial advice.”
BoE hikes rates to 0.75% as expected
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This policy explains how IFA Magazine collects, stores, uses and shares personal information (including but not limited to information from which you can be personally identified such as your name, address, job title, company, email address, or telephone number) and information about your visits to the network, including the pages you view, the links you click and other actions taken in connection with www.ifamagazine.com, www.gbinvestments.co.uk , www.robopromedia.com, www.mvpromedia.com
IFA Magazine Publications Limited may update this Policy at any time. It is your responsibility to check for updates to this Policy, as your continued use of the website denotes an acceptance of this Policy. Unless stated otherwise, IFA Magazine Publications Limited’s current Policy applies to all information that IFA Magazine Publications Limited has about you and your account.