Interest rate announcement – 9th May 2024

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Interest rate announcement – 9th May 2024

The Bank of England held the base interest rate for the sixth time at 5.25% - bad news for mortgages but good for savers. This marks a 16 year high as the focus remains on whether inflation can be tamed enough to allow a cut in the coming months. 

Inflation has been falling gradually with the latest official figures showing it was 3.2% in the year to March 2024. While price rises for food and energy have eased, it does not mean prices overall are getting cheaper, they are just rising at a slower rate meaning goods in the shops are still much more expensive than they were two years ago. 

 

Essential Wealth Management
1-2 Great Farm Barns
West Woodhay
Newbury
Berkshire RG20 0BP
Tel: 01488 669840
Fax: 01488 669216
Email: [email protected]

Essential Wealth Management is a trading name of Essential Wealth Management and Advice Ltd which is an appointed representative of 2plan wealth management Ltd which is authorised and regulated by the Financial Conduct Authority. Essential Wealth Management and Advice Ltd is entered on the FCA register (www.FCA.org.uk) under no. 518528. Registered office: 1-2 Great Farm Barns, West Woodhay,Newbury, Berkshire RG20 0BP. Registered in England and Wales Number: 04020006.

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