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Contractors 'should not expect to see interest rate rises this year'
IT contractors seeking an income on their savings have been warned that they should not expect positive news regarding interest rates for some time.
The Bank of England announced at the end of last week that the base rate of interest would be maintained at 0.5 per cent.
With inflation continuing to rise in the past few months, this means contractors using their savings as security will have seen little to no rise in their value since the base rate fell to this record low value back in March 2009.
Michael Baxter, editor of Investment and Business News, says that these contractors will have to put up with low returns on their hard-earned cash for some time yet.
"For now the majority of movers within the Bank of England will stick with low interest rates for quite a long time yet – certainly until the end of this year," he said.
The Bank of England announced at the end of last week that the base rate of interest would be maintained at 0.5 per cent.
With inflation continuing to rise in the past few months, this means contractors using their savings as security will have seen little to no rise in their value since the base rate fell to this record low value back in March 2009.
Michael Baxter, editor of Investment and Business News, says that these contractors will have to put up with low returns on their hard-earned cash for some time yet.
"For now the majority of movers within the Bank of England will stick with low interest rates for quite a long time yet – certainly until the end of this year," he said.
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