What will the drop in interest rate mean for personal finances?

UK interest rates have been cut from 0.5% to 0.25% and the Bank of England has signalled that rates could go lower should the economy worsen.

The Bank announced a range of measures in order to stimulate the UK economy, including a £100bn scheme to force banks to pass on the lower interest rate to households and businesses.

The governor of the Bank of England has said that banks have “no excuse” not to pass on the lower borrowing costs to customers and will be charged a penalty if they do not.

There are 1.5 million tracker mortgages in the UK and the 0.25% interest rate means that a typical mortgage will be £22 a month cheaper though savers will feel the brunt of the drop in interest. £10,000 in savings will now accrue gross interest of £440 a year and net interest will be lower for taxpayers.

The Bank of England does not foresee a recession due to the measures (including the drop in interest rate) that it has put in place but unemployment could rise by a small amount for the next few years.

To read more about this you can see a report on the BBC website.

If you are in any doubt about what this will mean for you or you need further advice on your mortgage or savings then contact your financial advisor.

Current threat to UK from international terrorism- PDF for businesses

On Monday 1st August 2016 Detective Superintendent Dave Roney spoke to CSSC Industry Sector Leads on a Bridge Call about the current threat from international terrorism to the United Kingdom.

Please click here to download a PDF from Cross-sector Safety and Security Communications.

If you would like to share the information contained in this post then please feel free to do so.

Statement from Bromley Police Counter Terrorism Focus Desk

I have just received an email from Bromley Police Counter Terrorism Focus Desk – please feel free to copy and share.

“The National Co-ordinator Protect and Prepare and the MPS Protective Security Command are aware of and reviewing information relating to an incident that took place at Nice, France last night during which a number of people were killed and injured.”

Businesses are reminded of the National Police Chiefs Council Stay Safe advice and video available at www.npcc.police.uk/StaySafe

What does leaving the EU mean for your personal finances?

This post was published immediately after the Brexit referendum and was a summation of the media articles that were written at the time.

As things have moved on since then please take advice from a financial
professional to ensure that your decisions are based on the way things
currently stand in the financial markets.