The Bank of England has maintained its base rate at 0.5%.
The Bank of England (BofE) has revealed it is keeping the bank rate paid on commercial bank reserves at 0.5%.
It has been at this rate since March 5th 2009, when it was reduced by 0.5 percentage points in an attempt to help ease the country’s financial problems.
Yesterday (March 7th), the Monetary Policy Committee voted to keep it at the same level and to maintain the stock of asset purchases financed by the issuance of central bank reserves at £375 billion.
While the decision was made in an attempt to boost the UK economy, Wesleyan commented that it has hit savers over the last four years, costing them £418.31 in gross interest during this period.
Therefore, people may be encouraged to look for alternative ways to make the most of their money, including investing in property.
Samantha Porter, Wesleyan’s Sales and Marketing Director, said: “With inflation still above the target rate of 2%, savers need to work even harder just to stop the real value of their money from being eroded.”
They could therefore look into an investment opportunity from Select Property, where they can find real estate options in Dubai and the UK, which can help boost their savings.