Ten years of rock bottom interest rates has cost savers £188bn
Tomorrow marks the 10-year anniversary of the Bank of England cutting interest rates to 0.5%. And during that time, savers have collectively missed out on at least £188bn – the equivalent of £7,101 per household, according to investment platform Hargreaves Lansdown. Sarah Coles, personal finance analyst at the firm, said: “We’ve lived through a miserable decade for savers. The Bank […]
Bank of England under pressure for interest rate rise after ONS error
The UK’s official statistics agency has added to the pressure on the Bank of England over whether to raise interest rates as soon as next month after admitting it underestimated the pace of rising labour costs. The Office for National Statistics said on Monday it made a mistake in its original calculations for the growth in unit labour costs, […]