British savers have already had to endure over four years of minimal interest rates. Forward guidance by the Bank of England in August signalled that we would have to wait another three years for an improvement. However, the economy recovery has since strengthened, will this affect interest rates?
The UK Office for National Statistics confirmed on 25th October that gross domestic product (GDP) grew by 0.8% between July and September. This was the fastest growth in output since spring 2010, and follows on from 0.7% growth in the second quarter and 0.4% in the first.