The five interest rate rises that the Bank of England's monetary policy committee have implemented since August are "good news for savers", one expert has claimed.
Julia Clayworth, the wealth management customer marketing manager at Legal & General, commented in the wake of the most recent MoneyMood survey conducted by her organisation.
The MoneyMood study, which evaluates Britons' desire to save or spend, discovered that the recent interest rate rises are beginning to bite, with borrowers struggling and beginning to tighten their belts.
This was reflected by the fall in numbers of Britons who claimed to have cash available once they had paid household bills and other debt repayments; a drop from 61 per cent to 57 per cent has occurred in the last year.
"But clearly higher interest rates are not good news for borrowers and this is reflected in the fall in the mood to spend since August, which now stands at the lowest level for three years," remarked Ms Clayworth.
However, recent research from financial services provider Fidelity International found that Britons can still afford to splash out on luxuries, although they are not making contributions towards pension savings as a result.
Interest rates good for savings, expert claims
Interest rates good for savings, expert claims
Mon, 16 Jul 2007
Recommended links
Savings providers boost ratesNational Savings and Investments increases interest rates
Birmingham Midshires increases savings rates
Competitive savings rates currently available, analyst suggests
Find the best rates for UK savings accounts
Today's top savings accounts
<% Randomize: ord=int(rnd*1000000000) %>
 %>?)
| savings news |
|---|
| Skipton Guernsey launches new savings rates - Wed, 07 Jan 2009 |
| Skipton BS launches new savings bonds - Mon, 05 Jan 2009 |
| People make savings resolutions - Fri, 02 Jan 2009 |
| More News |
