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Savers and borrowers braced for change amid Brexit fallout

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  • Savers and borrowers braced for change amid Brexit fallout

    Savers and borrowers braced for change amid Brexit fallout

    This is a duplicate of the Blog Entry made on: 2nd July 2016 08:52
    Two speeches made within 24 hours have signalled significant changes ahead for personal finances. On Thursday, Bank of England governor Mark Carney hinted at the likelihood of an interest rate cut, aiding borrowers and hitting savers. Then on Friday, Chancellor George Osborne cleared the way for an easing of further austerity. That makes it far less likely that the UK's vote to leave the EU may lead to additional tax rises or spending cuts.
    Cheaper housing costs

    Mr Carney told business leaders in a speech at the Bank of England that a deteriorating economic outlook meant "some monetary policy easing" would be required in the summer. The Bank's main tool of monetary policy is its key interest rate which already stands at a record low of 0.5% and has done since March 2009. Another part of the toolkit is quantitative easing, or, in effect, money printing.....Source here



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