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ID number:577840
Author:
Evaluation:
Published: 14.08.2019.
Language: English
Level: College/University
Literature: 13 units
References: Not used
Time period viewed: 2019.g. - 2019.g.
Extract

How will pensions, savings, investments and mortgages be affected?
State pensions are set to continue increasing by at least the level of earnings, inflation or 2.5% every year - whichever is the highest, no matter what happens in the Brexit negotiations.
There was an early post-referendum cut in interest rates, which has helped keep mortgage and other borrowing rates low. The reasonably strong performance of the UK economy, and the increase in inflation led to the Bank of England raising interest rates from 0.25% to 0.5% in November 2017 - the first increase in interest rates for 10 years - and then to 0.75% in August 2018. Interest rates going up generally makes it more expensive to pay back a mortgage or loan - but should be good news for savers as they should get more interest on their money.

What has happened to the UK economy since the Brexit vote?
David Cameron, his Chancellor George Osborne and many other senior figures who wanted to stay in the EU predicted an immediate economic crisis if the UK voted to leave and it is true that the pound slumped the day after the referendum - and is currently about 10% down against the dollar, and 10%-15% down against the euro. Predictions of immediate doom were wrong, with the UK economy estimated to have grown 1.8% in 2016, second only to Germany's 1.9% among the world's G7 leading industrialized nations. The UK economy continued to grow at almost the same rate in 2017 but slowed to 1.4% in 2018, the slowest rate since 2012.
Inflation rose after June 2016, reaching a five-year high of 3.1% in November 2017. However, it has since eased, to stand at 1.8%. Unemployment has continued to fall, to stand at a 43-year year low of 4%. Annual house price increases have steadily fallen from 8.2% in June 2016 to 1.7% in the year to January 2019, according to official ONS figures.

How will pensions, savings, investments and mortgages be affected?
State pensions are set to continue increasing by at least the level of earnings, inflation or 2.5% every year - whichever is the highest, no matter what happens in the Brexit negotiations.
There was an early post-referendum cut in interest rates, which has helped keep mortgage and other borrowing rates low. The reasonably strong performance of the UK economy, and the increase in inflation led to the Bank of England raising interest rates from 0.25% to 0.5% in November 2017 - the first increase in interest rates for 10 years - and then to 0.75% in August 2018. Interest rates going up generally makes it more expensive to pay back a mortgage or loan - but should be good news for savers as they should get more interest on their money

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