The move reflects the Bank’s reduced confidence in the UK economy, but is also a statement that the Bank is still prepared to support UK Plc.

As ever with interest rates, there are winners and losers:  mortgage borrowers with accounts that track the Bank of England rate will be counting the benefit, whilst savers will be feeling yet more frustration that the prospect of a return to ‘normal’ interest rates has receded even further. The reduction is also likely to affect pension investors with worsening annuity rates and increased Defined Benefit transfer values.

For borrowers and savers alike (as well as those planning their retirement), these are interesting times!

It has never been more important to review your planning and assess your options with the professional independent financial advisers at Innes Reid. For a free initial consultation, contact us today on 01244 347583.

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