Today’s emergency rate cut – the second in a week – brings UK interest rates into unchartered territory, at their lowest ever.
Lee Wild, Head of Equity Strategy, interactive investor, says: “In cutting rates again to next to nothing, the Bank of England is rightly throwing everything it has at the pandemic. While this certainly eases some pressure on borrowers, the Bank is running out of powder needed to prop up the economy should it have to do more.”
Moira O’Neill, Head of Personal Finance, interactive investor, says: “This is very bad news for savers so if you can spare a couple of hours to review your savings rates and secure a more competitive deal today, it will be worthwhile.”
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