Chetwood Financial: It won’t be long before BoC makes call to cut interest rates

Chetwood Financial: It won’t be long before BoC makes call to cut interest rates

21 juni 2024

Monetair beleid
Engeland.jpg

When Bank of England cuts interest rates, many flexible savings offers will have their rates slashed.

'It was pleasing to see the Bank of England double down on its previous decisions to hold interest rates at 5.25%,’ Chetwood Financial said today. ‘Leaving the rate at the same level for the seventh consecutive time shows that the battle against the cost-of-living crisis endures, and now is not the time to jump the gun.

Despite inflation reaching the Government’s 2% target, prices remain extremely high, and the Central Bank clearly feels that any reduction in the rate could spark a fresh spike in inflation. And while Britons looking to reduce their mortgage repayments might have been expecting better news, they should gain confidence from the stability provided by the Bank of England and the positive economic markers.

Ultimately, it won’t be long before the Bank of England makes the call to cut interest rates, and when they do, many flexible savings offers will have their rates slashed. Now is the time to consider investing in longer-term, fixed-rate deals that lock in high interest while at their peak.’

 

 

Gerelateerde berichten