Responds to Bank of England interest rates decision, Lily Megson (pic), Policy Director at My Pension Expert, said: “The ongoing geo-political turbulence coupled with domestic tax reforms continue to fuel economic uncertainty; the Bank of England has clearly decided not to throw petrol on the flames.
“Whilst the decision carries a hint of stability, it does little to ease the financial strain on savers. The cost-of-living crisis lingers, and with inflation remaining elevated – with possible increases announced next week – the value of Britons’ hard-earned savings continues to erode.
“At the same time, uncertainty around future policy changes makes it increasingly difficult for people to plan their long-term finances with confidence. With no clear direction on savings, pensions, or retirement support, many will be left second-guessing their next steps.
“While the Central Bank has avoided adding fuel to the fire, the government must now take decisive action. Simply waiting for interest rates to cool inflation is not a plan. Savers need consistency and support to restore confidence in their financial future.
“With the Chancellor’s Spring Statement fast approaching, we can only hope for a renewed focus on ensuring people can save enough for a secure financial future. A good place to start would be improving access to financial education and independent advice because at the moment, too many people are left without the guidance they need to face the current uncertainty.”