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Loan protection: Savers 'must seek alternatives' to beat inflation

Savers must actively seek out alternatives in order to beat inflation, it has been claimed.

Alan Easter, director of Willis Owen, one the UK's leading discount brokers, claims that the announcement that the base rate will remain at 0.5 per cent is not a surprise but that it is "hugely significant" for savers.

He said: " The message this sends to savers is simple: with high street savings accounts continuing to provide below inflation returns, alternatives should be considered now to help people generate the income they are looking for.

"Placing savings in an investment fund could potentially yield much better returns. And with its tax efficient benefits the ISA allowance should be the first step for all savers."

The Bank of England announced today (February 10th) that the Monetary Policy Committee (MPC) has voted to keep the base rate at 0.5 per cent.

This is the 23rd consecutive month that the MPC has kept interest rates at this level.

Charles Baker

Charles is a reputed financial analyst with almost decades of experience under his belt.

 ADNFCR-2776-ID-800397736-ADNFCR



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