The main thing the 0.25% interest rate cut means is lower returns on your savings. Savings interest has been pathetic for about the last seven years, and today’s news means it’s just not worth continuing to hold wealth in pounds other than for liquidity.

This is another blow to the 20-40 old demographic who will now find it even harder to save for retirement, dealt mainly by older brexiters who benefited from sustained and high compound savings and pension growth during their earlier years who think that brexit is “in our best interests”.

So we haven’t had an emergency brexit budget, but we have had emergency stimulus from the Bank of England. An emergency budget and stimulus from the government would have been better, because the government has the power to do things like lowering VAT, which is far more beneficial to the average person and economy as a whole than keeping house prices high.


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