Media comment: Bank of England cuts base rate to 0.25%

Thursday 4th August 2016

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

“A reduction in interest rates means that low interest rates on savings accounts are due to continue. It is too early to tell what this will mean for those with mortgages or those planning to borrow money. If you are looking for a savings account, credit card, loan or mortgage, make sure you shop around to get the best deals. Using at least two comparison sites to compare the full cost and benefits of each option is a good way to do this. If you are struggling with your finances, it is worth getting this under control. 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 money visit the Money Advice Service website .”