Rob Morgan, Chief Investment Analyst at Charles Stanley, said, 'Especially now fiscal policies revealed in the Budget could add fuel to the inflationary fire into the New Year. The additional costs for employers in the form of higher National Insurance and minimum wage rises look set to reinforce the trend of escalating costs in the services sector.'
Lily Megson, Policy Director at My Pension Expert, said, 'The decision to hold the base rate comes as no surprise following consecutive months of rising inflation. Inflation is proving sticky, and while the base rate is predicted to drop throughout 2025, the Bank of England will not rush these decisions.'
Megson also highlighted the implications for savers, stating, 'Savers, especially those nearing retirement, will need to look to the year ahead and factor in shifting interest rates as they pursue their financial goals. Taking advantage of higher interest rates in the short-term will likely be on some people's agenda.'
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