The base rate has remained anchored at 0.5% in the UK for the past three years, which is a massive a challenge for savers who depend on generating an income from their savings – but a bonanza for many borrowers – if you can get your bank to lend you some cash to start your business.
Five years ago, the base rate was 5.25 per cent and it peaked at 5.75 per cent between July and December 2007, before a rapid succession of cuts in the months leading up to March 2009. As the MPC meets again this week to discuss interest rates, Financial Mail charts the impact of this sustained period of low rates and talks to some of the winners and losers. Read more:
We Are Backing Britain
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