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|Steve Gowler, CEO, RCI Bank, comments on today’s base rate announcement|
|Friday, 11 December 2015|
Steve Gowler, CEO, RCI Bank, comments on today’s base rate announcement: “The Bank of England base rate once again remains static. As our Savings2025 report with Cebr forecasts, it is likely to rise at the start of 2017, increasing to a steady state of 2% by the end of 2018, where it will remain static until 2025. Average savings interest rates are forecast to increase by 1 percentage point, up to an average rate of 2.3% at the same time.
“It’s clear that any rate rise will affect people in different ways, with some people having to balance a rise in mortgage payments as a result. In order to protect themselves from any negative impact, we urge borrowers to start saving now and create a safeguard from repayments increases. As Mark Carney advises, people should start preparing for a potential base rate rise now to soften the blow of when it eventually happens.“
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