Interest rates may have been kept on hold this week, but the direction of travel is clearly downwards, with savers being urged to check the returns they are getting and switch to a better deal now if their rate isn’t competitive.
On Thursday, the Bank of England kept its base rate at 5% after cutting it in August, though many economists think there will be another cut, to 4.75%, at the next meeting on 7 November, plus maybe a few more next year. However, the “painful” budget taking place on 30 October adds a fair bit of uncertainty to the mix.
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