Interest Rate Rise a “Hollow Victory For Cash Savers”

While Thursday's interest rate rise is positive for cash savers, it's likely to take time to filter through to cash savers. Here are the best buys in the market today

David Brenchley 2 November, 2017 | 12:07PM

The Bank of England announced its first interest rate rise in more than 10 years on Thursday, increasing the base rate by 25 basis points to 0.5%.

While it’s not ground-breaking news – only reversing the post-Brexit 0.25% cut – it has been described as a “symbolically important” milestone by commentators. It’s the first time many Britons – 8 million, according to platform Hargreaves Lansdown – have seen a rate rise in their adult lives.

“For a whole generation of UK households now entering adulthood, it’s a small but important reminder that interest rates can move in an upward direction, even if only slowly,” says Lucy O’Carroll, chief economist at Aberdeen Standard Investments.

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About Author

David Brenchley

David Brenchley  is a Reporter for Morningstar.co.uk

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