Jill Mackay, savings specialist at Scottish Friendly, comments on today’s MPC rate decision figures:
Jill Mackay, savings specialist at Scottish Friendly comments on the latest inflation figures: “The peak of the base rate lasted just shy of one year, having risen meteorically in 2022 and 2023 in order to quell inflation. The cut is good news for households under mortgage pressure but will be bad news for savers who will begin to see their interest earnings slashed.
“For households with mortgages this is modestly good news. But for savers it is a potential issue now for cash, especially seeing as easy access rates will be sensitive to cuts. For those considering their long-term savings plans it might be worth taking a fresh look at areas such as investments in order to give their funds a better opportunity for growth.”
About Scottish Friendly
Scottish Friendly is a leading UK mutual life and investments organisation. It provides investors and their families with a wide range of investment and protection solutions and provides life and investment products and services to other financial organisations.
Scottish Friendly has roots stretching back to 1862. Established as the City of Glasgow Friendly Society, its name changed in October 1992 when it took over Scottish Friendly Assurance.
The Group continues to flourish through a three-part growth strategy of organic growth, mergers and acquisitions, and business process outsourcing.
Scottish Friendly, Galbraith House, 16 Blythswood Square, Glasgow, G2 4HJ
Scottish Friendly Assurance Society Limited. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.
Scottish Friendly Asset Managers Limited. Authorised and regulated by the Financial Conduct Authority.