Bank Of England Cuts Interest Rate
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The Office for Budget Responsibility says more than 8.9 million people will be paying higher-rate tax by 2030 – losing half of their savings allowance. Basic-rate taxpayers can currently earn £1,000 in interest tax-free, but this falls to £500 for higher-rate earners.
MILLIONS of mortgage bills are set to fall after the Bank of England cut interest rates this afternoon. During today’s Monetary Policy Committee (MPC) meeting, the Bank of England’s
Savers squirrelled away billions of pounds ahead of the Budget and amid economic uncertainty. The latest available figures from the Bank of England show households deposited an extra £5.5billion in low-interest, instant access savings accounts that month.
Savers face the prospect of their money being eroded by inflation for the first time in nearly two years after UK banks cut interest rates following last week’s Bank of England (BoE) base rate reduction. According to the financial data site Moneyfacts ...