savers are set to pay an even higher price. And he and his expert monetary policy committee have looked at deteriorating data such as the fastest drop on record in the PMI survey numbers, and theyve seen enough. Note: We havent magicked real money out of nowhere like this. And the pensioners voted for it anyway. Own your decision, Brexiteers!
But while punishing savers isnt the direct goal, making cash less desirable to hold in general is very much part of the rationale for the sort of QE operations the BOE extended today. Inflated expectations We may not yet be in negative rates territory in terms of the official Bank Rate, what with it hanging on.25 like a cinematic damsel in distress clinging on by her fingertips to a cliff edge. But time will tell, and I certainly hope we do better. Heres the bank of Englands latest forecast for inflation, taken from the August Inflation Report : The darker the red line, the more likely the projected figure. The curve ball I dont believe the BOE mandarins are high five-ing each other at the prospect of pensioners getting poorer via a negative return on their cash savings. FoolsGold65) but whether or not he read.
You can see just how low in a 10-year graph: Source: ONS Why exactly inflation has been running so low well below the BOEs 2 target is a subject for another long day. In fact, as you will have noticed if youve peaked at your portfolio in the post-Brexit kerfuffle, most assets are up for UK investors. Please do check out some of the best articles or follow our posts via Facebook, Twitter, email or RSS). The pound had fallen by about 9 since the EU Referendum when Carney began making his announcements. Carney to the rescue. The best one-year interest rate I can find right now comes from ikea-owned Ikano Bank, which pays a pitiful.6. Soon you may only get say.5 or lower for locking your money away for a year. Monevator is a simply spiffing blog about making, saving, and investing money. Brexit articles he seems to have reached a similar conclusion. Monevator reader (perhaps hes the guy signed. Announced a new move to buy up to 10 billion of corporate bonds issued by companies the Bank believes most directly impact the UK economy.
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