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ICR279: They've only gone and put up interest rates

ICR279: They’ve only gone and put up interest rates

03/11/2017 Posted by Martin Bamford Podcast No Comments

ICR279: They've only gone and put up interest rates

This week we’re looking at the interest rate rise; what does it mean for the economy, investment markets and your personal finances?

Interest rates in the UK doubled this week, from 0.25% to 0.5%.

Is this the start of a trend towards higher interest rates? Did it come too soon for the fragile economy? What does it mean if you’re a borrower or a saver?

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-Wages have fallen in real terms for the first time in three years. The latest official figures show wages down in real terms by 0.4% in the year to April 2017.

-Manufacturing growth was stronger last month, higher due to stronger domestic demand and export orders. The latest IHS Markit/CIPS purchasing managers’ index rose to 56.3 in October, up from 56 in September.

-The Bank of England has warned as many as 75,000 financial services jobs could be lost as a result of Brexit. The number is being used by the Bank as a “reasonable scenario”, especially if no specific UK-EU financial services deal is reached.

-UK house price growth rose in October to reach a three month high. The latest figures from Nationwide suggest pressure on household budgets continues to weigh on the market.

-Seven in 10 couples don’t consider pensions during divorce proceedings, leaving women short-changed by £5bn every year. This is according to new research from Scottish Widows.

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About Martin Bamford

Your host for Informed Choice Radio is Martin Bamford, an award-winning Chartered Financial Planner and Fellow of the Personal Finance Society. Martin is Director of Client Education at Informed Choice and the author of several personal finance books including The Money Tree, Brilliant Investing and How to Retire 10 Years Early.

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