• A  A  A  A  

BoE rate hike essential to normalise interest rates

by Insignis Cash Solutions in Industry Perspective

Giles Hutson, CEO of Insignis Cash Solutions, comments on how savers will be affected by today’s Bank of England decision to hike interest rates:

“Today’s hike is a welcome boost to the savings market. The previous rate rise in November 2017 plus increased competition in the banking sector through the introduction of more challenger banks, will start to restore deposit returns which have been incredibly low for years. Our economy is continuing to perform well, and now is the time for the central bank to make further moves to normalise interest rates.

“A long term low rate environment is unsustainable, and this rate rise sends a clear message that people must incorporate rate changes into their financial planning. Being complacent could drive families or companies into more debt than they can afford.

“This hike will help restore the BoE’s war-chest, giving them the breathing space to reduce rates again should we end up in a hard Brexit situation. Concerns surrounding Brexit uncertainty mustn’t be an excuse to postpone additional hikes; if rates go up, they can always be cut back down should negotiations or the Brexit fall out next year require it.”

Leave a Reply

Your email address will not be published.

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>

FONT SIZE

  • A  A  A  A  

Press Contacts

Sally Maclachlan
sally.maclachlan@insigniscash.com
01223 200 674

TWITTER

Insignis Cash's Twitter avatar
Insignis Cash
@InsignisCash

Take the hassle out of switching bank accounts: Savings platforms prove a hit t.co/FkVtryz2Lr

Show Media
Tweet Media
Insignis Cash's Twitter avatar
Insignis Cash
@InsignisCash

According to the latest Charity Financials report, 55% of Charities tend to stay with the same bank for 10 years.… t.co/XAKwOIB7GX

Insignis Cash's Twitter avatar
Insignis Cash
@InsignisCash

Challengers take a third of new banking revenue t.co/0RcHIvxBbX

Insignis Cash's Twitter avatar
Insignis Cash
@InsignisCash

BBC News - Cheaper food drives UK inflation lower in September t.co/RXGsg0FlDA

Insignis Cash's Twitter avatar
Insignis Cash
@InsignisCash

Variable savings rates see fifth rise in a row t.co/mlJ7lCh2Pt

As Featured In: