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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

A state of uncertain uncertainty

A very good friend of mine told me the story that just when you think everything is working well for you, that man with the spade pops out from his hiding place and smacks you right in the face. Now, I’m not talking about what happens in Glasgow when you’re walkifinancial marketsng home from the pub on a Saturday night (and I’m Glaswegian so I’m allowed to joke about things like that); I’m talking about 2016 and what faces each and every one of us this year – uncertainty.  In fact, it could almost be classed as uncertain uncertainty. The key issue for British expats is obviously the UK referendum on 23rd June when the vote will be taken as to whether or not the UK will stay in the European Union.  

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Sweden Prepared to Manage Brexit in All Eventualities

Hand with Sweden flagIf you are an expat in Sweden, wealth management that takes account of your cross-border financial interests is a must.

However, with Brexit looming there is currently an added layer of concern, with the UK’s imminent separation from the EU undoubtedly relevant to certain components of any British expat’s wealth management strategy.

Fortunately, and despite a constant deluge of disturbing headlines that could easily have you believing otherwise, there is little chance that British citizens living in Sweden will need to make any fundamental changes to their outlook.

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