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Status Quo for the Bank of England Base Rate

Business, Mortgages, Savings

Bank of England Base Rate remains at 0.5%

The BoE Monetary Policy Committee has today again announced that rates will continue to be held at 0.5%.  The base rate has been held at the record low of 0.5% since March 2009.  Having indicated that the rate may not even consider a rate increase until the unemployment rate falls below 7% back in August, the Bank has given no further guidance.

The latest figures have the unemployment rate at 7.4% and some experts expect that it will fall below 7% this year.  A few months ago the Bank predicted that unemployment would not reach 7% until 2016 which means an interest rate rise may happen sooner than we thought.

I don’t expect the Base rate to rise but like a good former boy scout I recommend that you ‘be prepared’. Do your sums and make sure you understand the consequences of any rise in interest rates for your personal and/or business finances.

In other news I have decided, on behalf of From Acorns Financial Planning Ltd, to sneak rock band names into random post titles.  Status Quo have not made any comment that I know of regarding the Bank of England Base Rate.

About Ciaran Scullion

I am a Financial Planner and Mortgage Adviser. I provide Independent Financial Advice through my company From Acorns Financial Planning Ltd to personal and business clients throughout Northern Ireland from my base in Tyrone, Mid Ulster.

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