What the interest rate rise means for you
This is Money Podcast
This is Money
4.1 • 650 Ratings
🗓️ 3 November 2017
⏱️ 53 minutes
🧾️ Download transcript
Summary
It finally happened. The Bank of England raised interest rates for the first time in more than a decade this week. But what was the point of that rate rise? It was certainly a curiosity, coming alongside a decidedly downbeat Inflation Report. Was it to dampen inflation, to send a warning sign to borrowers, or just to put a tiny smile on beleaguered savers’ faces? On this week’s podcast, Simon Lambert, Rachel Rickard Straus and Georgie Frost look at why the Bank raised rates and what it means for you. They also dive into the really crucial question: how high will the base rate go from here and how fast will it rise? There’s also some ideas to get richer whatever happens next with interest rates, a jargon-busting look at what on earth is the bank of England talking about in its reports, and tips on how to find the best savings account… while one of the worst is shamed. And it’s not all interest rates, we’ve also got the state pension trap for those trying to boost payouts and the intriguing question of whether someone has to pay tax on an astonishing £3,995,000 profit on Bitcoin. Enjoy.
Transcript
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| 0:00.0 | Welcome to This Is Money podcast in partnership with NS&I, your weekly roundup of the top personal finance, consumer and business stories that editor Simon Lambert and his team have been covering on their reward-winning website. |
| 0:12.4 | I'm your host, Georgie Frost, and alongside Simon Nye is personal finance editor Rachel Rickard Strauss. |
| 0:18.5 | And this week, as Simon predicted, |
| 0:21.6 | We held on and on and on. But finally, that most unreliable of boyfriends Mark Carney has come good on its hints, as |
| 0:38.7 | interest rates have been raised for the first time in over 10 years. |
| 0:42.0 | Back up to 0.5%. |
| 0:44.3 | Why did the Bank of England do it? |
| 0:45.9 | How far and fast will rates continue to go up? |
| 0:49.6 | And is post-Brexit Britain ready for it? |
| 0:52.7 | Also, what impact has the year of cheap money had on the economy and our personal finances? |
| 0:57.8 | There will of course be winners, there will definitely be losers, but Simon Ever the Optimist |
| 1:02.3 | has found three ways to help us get richer, whatever happens next. |
| 1:06.2 | We are all ears, Simon. |
| 1:07.8 | Also today, this is money gets angry as they investigate the government's shoddy treatment of those looking to boost their state pension, and we delve into the world of Bitcoin. |
| 1:17.5 | All that and plenty more coming up. Don't forget you can stay up to date with all the latest of breaking money news. |
| 1:22.3 | Just go to this ismoney.com.uk or download the app. |
| 1:26.1 | This is Money. Brought to you in partnership with NS&I premium bonds, making saving that little bit more exciting. |
| 1:35.3 | The first, after 10 long years, the Bank of England has decided the only way is up for the base rate of interest. |
| 1:43.7 | So in many respects, today's decision is straightforward. |
| 1:47.2 | With inflation high, slack disappearing, |
| 1:49.5 | and the economy growing at rates above its speed limit, |
| 1:52.8 | inflation is unlikely to return to the 2% target |
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