Chetwood Bank: UK inflation isn’t going away quietly
Paul Noble, CEO of Chetwood Bank, comments on the British inflation figures released this morning:
"Today’s CPI figures show that inflation isn’t going away quietly, and the Bank of England will be watching closely. Whatever the Chancellor’s trying clearly isn’t working, and stubborn inflation risks further impacting consumer and market confidence.
The MPC will now be under pressure to stay cautious tomorrow, but that hesitation adds to the ambiguity for savers. Instead, decisive action is needed. If inflation isn’t settling, the base rate may stay higher for longer or even rise again if sentiment turns. That uncertainty makes sitting still a risky proposition for those looking to undo the real-term damage done to their savings in recent years.
Britons can’t afford to wait for someone else to blink. While lower than two years ago, inflation still eats into idle cash. Now is the time to seek out strong rates from challenger banks and avoid the slow-motion response of the high street."
