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Are better Interest rates on their way at last?

Good news may be on the way for savers now though, as, for the first time in nearly 10 years, the monetary policy committee (MPC) had a split decision of 5-3 in favour of leaving interest rates as they are when the vote was made on whether to increase interest rates last week.  It was believed the MPC would vote 7-1 to maintain the rate at its post-Brexit referendum level of 0.25%.

Members of the Committee, Ian McCafferty and Michael Saunders joined outgoing rate rise advocate Kristin Forbes in supporting an increase back to the post-crisis level of 0.5%.  It was the closest the MPC has come to supporting a rise since 2007 because it currently has only eight members following Charlotte Hogg’s departure in March.

In the minutes of the rate-setting meeting, the Bank said it now expected inflation to exceed 3% by the autumn –  higher than it had forecast a month ago – having reached an annual rate of 2.9% in May.

This announcement had an immediate effect on the Pound/Euro rate.  The levels were dropping alarmingly low again to the 1.1 level but this announcement saw the rate rise immediately back to 1.4.  This is very positive for the Pound as it would indicate that it would become stronger should the interest rates go up, which in turn could provide Expat retirees with some welcome extra cash in their pockets on two fronts (better exchange rate and better interest rates).

This communication is for informational purposes only and is not intended to constitute, and should not be construed as, investment advice, investment recommendations or investment research. You should seek advice from a professional adviser before embarking on any financial planning activity. Whilst every effort has been made to ensure the information contained in this communication is correct, we are not responsible for any errors or omissions.

Other News

The France Show by Kelly Roberts

Last weekend The France Show brought its exhibitors and visitors the best of France – food, wine, property, holiday ideas, travel offers and entertainment – all under one roof. Visitors experienced a great French market, cookery demonstrations, tutored wine tastings, language and travel theatre, and even a chance to play pétanque!

The France Show also hosted the largest French Property Exhibition in the UK.

The Blacktower France Team would like to thank all the visitors who came to the 2016 show and visited the Blacktower stand.

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Sweden Voted Top Destination for Women Expats

Sweden flag and victory signExpats are in many ways the most forward-thinking of global citizens; living abroad shows a desire to embrace something more complex than a simple national identity and way of life. Yet, at the same time, it is also the most ancient act; humans began as nomads and then migrants, so being on the move is part of our species’ natural curiosity.

But there is more to being an expat than simply picking a destination on the map and moving there. By looking at all the available options and factoring in the many variables, people have an opportunity to make the most of their prospects and to enjoy the richest and most varied life possible.

Fortunately, this is what most expats do: the most recent HSBC expat explorer survey found that a move abroad adds around USD21,000 to the average salary, with some countries offering even more. For example, Switzerland, which has long been a destination of choice for the globally minded expat, boosts income by an average of USD61,000 a year.

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