Money saving expert Martin Lewis urges people to act fast on savings rates
"Our previous increases in interest rates are working," he said, but warned the rate of price rises is still too high."We'll be watching closely to see if further increases are needed. We will need to keep interest rates high enough for long enough to ensure we get the job done."While some think it's unclear whether the Bank of England will need to raise interest rates again in the future - others think this could mark the end of its hiking cycle.
"To tighten further would therefore have risked administering an overdose before the existing medicine has had enough time to fully take effect," she said."Further calibration may be needed in future, but it is too early to make that judgment today.", said the coming months will prove"tricky" for the Bank.
"Britain has been left worse off after 13 years of economic chaos and instability under the Conservatives," she said. Interest rate rises are supportive of currency values and sterling stood at $1.2256 and €1.1517, losing almost a cent against a resurgent US greenback. "The important thing to remember is that if these figures are just a flash in the pan and they aren't as good in the future you can always put the rate up again," he says.
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