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Interest Rates Lower For Longer?

Interest Rates lower for longer?

Whilst the UK may avoid falling into recession this year, according to forecasters, Brexit and the associated worries are still weighing heavily on the economy and mean that we could see lower interest rates for longer – assuming we don’t leave the EU without a deal.

The UK economy is fluctuating by a small margin of between 0.2% and 0.3% each quarter but spending seems to be on the up, with more families holidaying in the UK rather than abroad because of the position of the Pound.

This period of lower interest rates is good for borrowers but poor for savers. So, you may pay less on your loan or mortgage, but you will be making next to nothing on your money in the bank.

Whilst interest rates are expected to rise if we leave the EU smoothly – whatever that means – the increase will be gradual and therefore interest rates could be low for quite some time. You may need to think about what is best to do with all that money you may have in cash savings.

Redwood is one of the South’s leading Pensions, Wills, Trusts & Estate Planning providers and we are dedicated to helping families to Grow, Protect and Enjoy their wealth. With our unrivalled knowledge of Family Wealth and Estate Planning, we can advise on any situation. Join us at one of our Free Public Information Seminars on Wills, Trusts & Estate Planning: Book online Book Me A Place!, Call us on 01489 877 547 or Email info@redwoodfinancial.co.uk to book a NO-OBLIGATION Initial Meeting with us to review your financial planning needs.