Bank of England Governor Mark Carney has delivered an instant improvement to the economy since he started but the prospect of long-term low interest rates has rendered cash savings accounts irrelevant.
We believe the impact Carney has had since taking over had been felt immediately by large sections of the business community and we broadly welcome the prospect of improved stability under Carney’s leadership.
Any help the BoE gives in an uncertain world – even a slight increase in certainty – is a benefit to businesses and savers and the bank’s new powers are a marked change to previous regimes which didn’t provide any real leadership.
Of course the low interest rate means that savers will still struggle to get any value at out of cash products, and will continue to struggle for some time, but the boost it delivers to the economy ought to be worthwhile.
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