Media comment: Bank of England base rate kept at 0.25%

Media comment: Bank of England base rate kept at 0.25%

Thursday 3rd August 2017

Commenting on today’s decision by the Bank of England to maintain interest rates, Andrew Johnson, Money Expert for the Money Advice Service, said:

“The Bank of England has decided to keep its interest rates at 0.25% despite fears of rising inflation. It has also cut its economic growth forecast due to the uncertainty around Brexit and continued low wage growth.

However, with speculation that interest rates will rise before the end of the year there is still a concern over the rising levels of consumer debt in the economy. Although a rate rise will be good news for savers this could leave many struggling to service existing debt commitments. For example, outstanding balances on credit cards and mortgages loans”.

You can use the free Debt Advice Locator Tool to find free, impartial advice in your area. For more information about making the most of your savings visit the Money Advice Service website .”

Andrew Johnson – Financial Money Expert

Andrew Johnson is a technical financial money expert at the Money Advice Service with responsibility of maintaining many of the organisations guidance and policy positions. Andrew has extensive experience of financial services working in a variety of roles within the retail and corporate banking sectors. He has worked closely with government and industry to protect consumers on finance related matters, identifying areas of financial risk and helping consumers make inform decisions.