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Bank claim: MPC keeps base rate at 0.5%

Anyone who is currently making a bank claim will be interested to hear that the Bank of England's Monetary Policy Committee (MPC) has voted to keep the base rate at 0.5 per cent.

The MPC voted today (September 8th) to hold interest rates at 0.5 per cent for another month - making it the 30th month in a row that rates have remained at this level.

Dr Ros Altmann, director general of insurance firm Saga, said: "If interest rates were low and inflation was low, things might look okay but with low rates and soaring inflation, people are being stung by a double whammy, which continues to erode the value of their savings month after month."

He added that if interest rates are not going to rise, something needs to be done to help people "weather the storm" and make the most of this difficult situation.

As a result of the decision, Saga is encouraging savers to shop around for the best savings rates they can find.

John Fieldman

Having worked in the city for 19 years, John's main focus is interest rates and corporate finance.
 ADNFCR-2776-ID-800723352-ADNFCR



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