Bank of England raises base rate of interest to 1%
05-05-2022, 13:33
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#1
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Bank of England raises base rate of interest to 1%
Appears our slide into recession is inevitable . Can anyone see a glimpse of a silver lining or any way out 'cause I can't.
Quote:
The Bank of England has raised the base rate of interest to 1% - the fourth consecutive increase as it continues to move against surging inflation - despite issuing a warning about a recession ahead.
The Bank forecast that the UK economy will shrink later this year in the face of double-digit inflation and an unprecedented squeeze on household incomes.
In its first forecast since the Russian invasion of Ukraine, the Bank said it now expected the energy price crunch to leave a lasting scar, pushing up unemployment and contributing to weak or negative growth throughout 2023.
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https://news.sky.com/story/interest-...-high-12605700
Quote:
MoneySavingExpert.com News 2022 May
MSE News
Bank of England increases base rate to 1% – what the rise means for your mortgage and savings
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https://www.moneysavingexpert.com/ne...bGD_Pq8wV5iwh0
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Last edited by joglynne; 05-05-2022 at 14:06.
Reason: More information
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05-05-2022, 14:10
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#2
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cf.mega poster
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Re: Bank of England raises base rate of interest to 1%
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Originally Posted by joglynne
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In the short-term, we need to hope for a quick end to the war in Ukraine and for Coronavirus not to impact us economically in the future.
Longer term, the UK is continuing to suffer from poor productivity and reduced trade with its largest trading partner, the EU. Tackling these may not prevent the short-term slide but will help the country's economy in the longer term.
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05-05-2022, 15:05
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#3
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Ran Away
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Re: Bank of England raises base rate of interest to 1%
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05-05-2022, 15:15
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#4
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Born again teenager.
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Re: Bank of England raises base rate of interest to 1%
Quote:
Originally Posted by 1andrew1
In the short-term, we need to hope for a quick end to the war in Ukraine and for Coronavirus not to impact us economically in the future.
Longer term, the UK is continuing to suffer from poor productivity and reduced trade with its largest trading partner, the EU. Tackling these may not prevent the short-term slide but will help the country's economy in the longer term.
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MY view too. We don't have a mortgage and do have some savings but we are on a fixed income which at the moment are keeping our heads above water but I am so worried about those who are struggling already.
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Originally Posted by General Maximus
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Not sure how to interpret your post. Are you agreeing with Andrew's post or are you insinuating that Boris is happy his plan is coming together. Either way I fear you have covered both alternatives. 
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"I intend to live forever, or die trying" - Groucho Marx..... "but whilst I do I shall do so disgracefully." Jo Glynne
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05-05-2022, 16:16
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#5
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Remoaner
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Re: Bank of England raises base rate of interest to 1%
I locked in a 5 year fixed back in December thankfully.
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05-05-2022, 16:17
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#6
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Trollsplatter
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Re: Bank of England raises base rate of interest to 1%
Quote:
Originally Posted by Damien
I locked in a 5 year fixed back in December thankfully.
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Likewise … we reserved a 5-year fix for our house move, which won’t begin until the move occurs in a couple of months time, so thankfully we’ve managed to stay ahead of it a little bit. Just hoping that 5 years from now things have settled down a bit because otherwise we’ll be in for a bit of a shock.
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05-05-2022, 16:48
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#7
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Re: Bank of England raises base rate of interest to 1%
How much will it go before savers get some benefit?
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05-05-2022, 16:48
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#8
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laeva recumbens anguis
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Re: Bank of England raises base rate of interest to 1%
Quote:
Originally Posted by Itshim
How much will it go before savers get some benefit?
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Probably around "never"…
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05-05-2022, 18:06
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#9
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Ran Away
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Re: Bank of England raises base rate of interest to 1%
Quote:
Originally Posted by joglynne
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both 
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05-05-2022, 21:07
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#10
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Re: Bank of England raises base rate of interest to 1%
Quote:
Originally Posted by Hugh
Probably around "never"…
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Partly because of people on fixed rate deals.
The return for savers depends on the money being earned on loans. If the income doesn't go up that much, it can't be given to savers.
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05-05-2022, 21:51
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#11
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Dr Pepper Addict
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Re: Bank of England raises base rate of interest to 1%
Quote:
Originally Posted by Itshim
How much will it go before savers get some benefit?
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To be of actual benefit, the savings rate need to be higher than inflation.
Being close would at least be useful, but atm, savings rates are way way below.
Saving atm is pretty much just a waste of time.
I stopped putting any money into savings at the start of the year.
I may as well just spend it, and enjoy the benefits.
Not to mention everthing is going up at alarming rates atm, so I have little (if anything) left to save.
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05-05-2022, 22:39
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#12
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Remoaner
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Re: Bank of England raises base rate of interest to 1%
I put savings into either an investment ISA account or my SIPP (pension). The regular accounts just don't work.
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06-05-2022, 09:39
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#13
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Re: Bank of England raises base rate of interest to 1%
It's good to save even if just for those things that can go wrong (all at the same time), solar inverter, washing machine, boiler. Also to build that buffer for price increases.
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06-05-2022, 11:13
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#14
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Born again teenager.
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Re: Bank of England raises base rate of interest to 1%
As the interest rates have been so low we put some into Premium bonds and so far in the last 18 months we have have won at least three times the amount we would have earned in our savings account.
I know premium bonds aren't normally the best choice but at least our money is easily accessed and I know we'll be able use it if we need it or to invest whenever /if ever a better short term investment opportunity appears.
Just grateful that what money we do have invested was put into bonds for five years on a fixed rate of over 2% and it's still got a couple of years to go.
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"I intend to live forever, or die trying" - Groucho Marx..... "but whilst I do I shall do so disgracefully." Jo Glynne
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07-05-2022, 17:24
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#15
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Re: Bank of England raises base rate of interest to 1%
Quote:
Originally Posted by Hugh
Probably around "never"…
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So true 
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No point in being pessimistic. You know it won`t work.
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