Self-employed react to interest rates decision

IPSE, the Association of Independent Professionals and the Self Employed, has responded to the Bank of England’s decision to maintain interest rates at their current level of 0.25 per cent.

Lorence Nye, IPSE Economic Policy Adviser, said: “Although the Monetary Policy Committee voted unanimously to keep rates unchanged, the Bank may now be looking at a potential hike in the first half of next year. The UK’s recent strong economic performance may have caused the Bank to reconsider its position - as in August a further cut was thought to be on the horizon by the end of 2016.

“Of course Brexit remains the focus and the Bank may feel it is prudent to wait on the Government to trigger article 50 before it takes action.

“It is particularly important for the self-employed that forward guidance from the Bank remains clear. Our research show freelancers’ confidence in the economy is near a record low - it’s clear they need all the support they can get.”

Finance, Policy

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