There is also a roundup of the latest personal finance news and an update from the world of Informed Choice.
They’ve only gone & cut interest rates!
UK interest rates have been cut from 0.5% to 0.25%. This is a new record low for interest rates in the UK and the first rate cut since 2009.
Announcing the rate cut, which was a unanimous decision, the Monetary Policy Committee at the Bank of England also signalled that interest rates could go lower still if the British economy worsens.
The Bank announced extra measures to stimulate UK economic growth. This included a £100bn scheme forcing banks to pass on the low interest rate to households and businesses. There will also be an extension to the Bank’s programme of quantitative easing, buying £60bn of UK government bonds and £10bn of corporate bonds.
What does this interest rate cut and extra QE mean for your mortgage payments, cash savings, retirement planning or investment portfolio?
In this episode, Martin shares the views of a range of personal finance experts to help you figure it out.
Personal finance news update
-Home ownership is falling in England, with the sharpest falls recorded in large cities.
-One of the fund managers who penalised investors withdrawing money from their commercial property fund following the referendum result has eased restrictions for investors.
-A deadline for making claims for payment protection insurance mis-selling could be introduced.
-The state pension ‘triple lock’ could have a limited shelf life, with two former pensions ministers disagreeing about its future.
-The world’s first ever “masala” or rupee-denominated bond issued outside of India by an Indian company was listed on the London Stock Exchange earlier this week.
Useful links mentioned in this episode
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