What the Bank of England's Next Decision Could Mean for Your Savings

The Bank of England's next Monetary Policy Committee (MPC) meeting is on 19 September 2024, and all eyes are on the direction of the base rate, which was cut to 5% during the last meeting in August. This marked a shift after a lengthy period of rate hikes designed to combat inflation, which had soared to 11.1% in late 2022 but has now returned closer to the Bank's 2% target.

What does this mean for your savings and investment strategy?

What's Next for Interest Rates?

The recent inflation uptick in July, pushing the Consumer Prices Index (CPI) to 2.2%, was widely anticipated. Energy prices, which had fallen sharply last year, are now stabilising, creating a ripple effect on overall inflation. While this means we're unlikely to see dramatic rate cuts any time soon, the general consensus is that there may be one or two more cuts by the end of the year, according to a recent Reuters poll.

For savvy savers, this presents an opportunity to lock in high-interest rates on savings accounts before potential further reductions. Moneda Capital offers access to some of the highest interest rates in the market through our platform, helping you make the most of your hard-earned money in a climate of fluctuating rates.

Secure Your Financial Future with Moneda Capital

Now, more than ever, is the time to take action. With the next Bank of England meeting just around the corner, the financial landscape may change again. At Moneda Capital, we're here to help you navigate these shifts, giving you access to high-yield savings accounts tailored to your financial goals.

Take advantage of today's high rates while they last!