Interest Rates Low – They May Remain at 0.5 Percent for Years
The surprise increase in inflation last month prompted some speculation that the Bank of England might raise interest rates as a way of curbing inflation.
But the bulk of thought is that there will be insufficient improvement in the UK economy to enable interest rate increases in the immediate future.
Chief Economist at Nationwide building society said: “The Bank of England will want to make sure the economy is really gaining momentum before it risks raising interest rates.”
He also said that there was too much volatility in economic data to all allow the Bank of England to accurately gauge the strength of the economy. This volatility is likely to be exacerbated this year by the diamond jubilee and the summer Olympics in London.
Director of Saga Ros Altman said: “Low rates were supposed to stimulate the economy by boosting bank lending, but borrowers have not benefited that much. Overdraft and many credit card interest rates are at record highs, while small company lending has declined.”
His appearance on a Channel 4 television programme about the inside workings of Revenue and Customs was watched by 4.1m which sealed his status as one of the most highly respected tax consultants to ever work in Scotland.
Ricky led all tax investigation and COP 9 cases, using his extensive knowledge to help people reach a positive resolution to their situation.
Ricky passed away suddenly and unexpectedly in June 2022 after leaving his indelible mark on the company he founded and headed for over 35 years.
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Ricky worked as an Investigator in the Inland Revenue for over 20 years before founding Steedman & Company in 1987, giving him the experience and knowledge that enabled him to help so many clients over the years.
His appearance on a Channel 4 television programme about the inside workings of Revenue and Customs was watched by 4.1m which sealed his status as one of the most highly respected tax consultants to ever work in Scotland.
Ricky led all tax investigation and COP 9 cases, using his extensive knowledge to help people reach a positive resolution to their situation.
Ricky passed away suddenly and unexpectedly in June 2022 after leaving his indelible mark on the company he founded and headed for over 35 years.
