Saving prospects 'show little sign of improvement in 2010'
Saving prospects 'show little sign of improvement in 2010'
- Thursday, 24 December 2009Debt management plans may be hindered in 2010, following predictions that it will be a tough year for savers.
Head of consumer finance at lovemoney.com Ed Bowsher said that the coming year was not looking to be particularly promising for savers.
The pressing issue will likely be the fate of the Bank of England base rate and how or when it will chance, claimed Mr Bowsher.
"Most people would agree that the base rate will stay at 0.5 per cent at least at the beginning of the year I think there's a good chance it could stay the same all the way through the year," he said.
"You would expect, therefore, savings rates to stay quite low if the base rates stay low. That's looking at short term savings rates."
New figures from the British Bankers' Association found that consumer credit dropped by 300 million in November, showing an annual growth rate of -2.2 per cent.
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