No surprise as Bank of England cuts interest rates

The Bank of England, LondonAs expected, the Bank of England has cut the base rate of interest from 0.5% to 0.25%. As the chart below shows, this is the cut is the first change in seven years and takes interest rates to a new, all time, low. Whilst announcing the reduction, governor, Mark Carney, said: "We took these steps because the economic outlook has changed markedly, with the largest revision to our GDP forecast since the MPC was formed almost two decades ago." He added: "By acting early and comprehensively, the MPC can ...

Your money: 7 things that have changed in the past month

Your money 7 things that have changed in the past month 150pxDuring the past month the Chancellor has delivered his Autumn Statement and we’ve had an avalanche of announcements and news all of which will affect your personal finances. We’ve rounded up the seven biggest changes that you need to know about. #1 Homebuyers: Stamp Duty cut In his Autumn Statement George Osborne announced major changes to the way Stamp Duty is calculated. At present anyone buying a residential property for more than £125,000 will pay Stamp Duty; calculated as a percentage of the ...

Guest blog: Why the cash savings review is fascinating

Bath Building SocietyIn his latest guest blog for Investment Sense, Dick Jenkins, Chief Executive of the Bath Building Society, looks at a recent report looking into the UK savings market and how it is poorly serving savers. The FCA (Financial Conduct Authority) has recently published the first instalment of their long-awaited review into the cash savings market. This extended piece of analysis covers notice and instant access accounts and a further tome is promised on Bonds in due course. I can hardly wait!...

Savings: Where can you find the best Cash ISA rates? We analyse the market

iStock_000006918404XSmallSavers have had their hopes raised and then dashed over the past few weeks, and as usual will need to work hard to find the best interest rates as we come up to the traditional ‘ISA’ season. Despite the ‘forward guidance’ issued by the Bank of England last year, that they would consider increasing interest rates when the rate of unemployment hit 7%, any early rise in interest rates now seems unlikely....