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Interest rate cut, effect on savers - comment from P2P lender ThinCats PDF Print E-mail
Thursday, 04 August 2016
Kevin Caley, Founder and Chairman of peer-to-peer lender ThinCats comments on the interest rate announcement:   “By dropping interest rates to 0.25%, the Bank of England is attempting to stimulate the economy and the move will be welcomed by businesses in need of funding to grow and UK exporters who could benefit from a further weakening of the pound.

“But a base rate cut can only feel like a further tax for the millions of people who rely on interest from their savings and pension investments. Monetary policy is a useful tool, but unless the Government can find a way of achieving meaningful economic growth, we are likely to be in this situation for many more years.”

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