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BoE interest rates: "the side step today means a continuation of the record lows" PDF Print E-mail
Thursday, 03 August 2017
Martin Palmer, Head of Corporate Market Management at Zurich, comments: “Despite edging closer towards a rate hike at end of the year, the side step today means a continuation of the record lows that have driven borrowing and supported mortgage repayments. On the flip side, it means less return on savings at a time when inflation has been on an upward trend, so while some people may be starting to build up  cash reserves, these will lose more and more value in real terms as time goes on. With household debt on the rise and the state pension age increased, it’s even more crucial to mitigate the effects and ensure retirement income is protected.  

“Inflation is particularly challenging for those already living on fixed incomes in retirement, but even for those years away from stepping down from full time work, developing a smart investment and tax efficient strategy is possible. A stocks and shares ISA can potentially generate good returns, while switching your cash ISA into a pension can offer you access to tax relief from the Government and also potentially a matching contribution from your employer.”

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