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News - 5 March 2015

UK interest rates at a six year low

The Bank of England have maintained the UK interest rates at 0.5%, the same rate they have been at since March 2009, a record period of six years.

Although recent economic growth had fuelled speculation of an imminent rate rise, the continuing low inflation (0.3%) has given the policy makers little reason to increase it.

Stuart Coleman, Manager of the Tax Department of ABDS comments:
“Inflation is expected to remain low, thanks to the price of oil, but with the UK economy around 70% dependent on consumer spending, any slowdown could have a harsh impact on overall economic growth.”

David Kern, chief economist at the British Chambers of Commerce (BCC) called for the Bank to reveal its plans: "The strengthening pound against the euro is already posing challenges for many UK exporters and higher interest rates would only make matters worse.

However, the minutes of last month’s Monetary Policy Committee (MPC) meeting show that the decision to maintain interest rates was unanimous; there was a three way split between its nine members as to their future direction, with two arguing there could be a case to raise rates later this year, while one member said the next change in rates was "as likely to be a loosening as a tightening”

Stuart Continues:
“Low interest rates are a boon to borrowers and have kept mortgage payments at record lows, but savers and pensioners have suffered because of it.”

For those who are looking for a more personal approach on a range of individual and business related issues, contact us at ABDS.

ABDS Chartered Certified Accountants of Southampton.
Tel: 023 8083 6900  E-mail: abds@netaccountants.net

Brilliant with numbers   
Great with people  
Clear and precise with advice
Timely and cost effective 
In touch with issues that face our clients and
mindful of their long term strategic goals

Helping Your Business is Our Business
 

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