Well a question no one in the world can answer satisfactorily is, what is coming from Bank of England? If you have a mortgage and lots of other debts it is good news for you. The Bank of England Policy committee has voted in favour of keeping the rates on hold. On the other hand if have a savings account forget about an increase in your earnings.
The Bank has held off popular investor belief that rate rise would certainly come in the New Year. The economic storm has forced the Bank to put on hold the rate rise till 2018. That is really a great shift from the earlier 2016 rate rise. The inflation indicators also expect the earliest to be early 2018. Well does anybody in the Bank know about what next? A big No as the dipping oil prices and the volatile labour market makes predictions really difficult. This will trickle down to bank earnings and ultimately the people who save. So this is the right time to avail loans and invest your money rather than keeping it in the bank. That is what the economy indicates. The consumer inflation targets of the bank which is 2 % will now only be reached by the end of 2017. So happy days for people with Loans and people who want a loan. What it augurs for the future? The prediction is difficult.