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.
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