The CEO of challenger聽bank Tandem has called for a cut in interest rates to encourage economic growth.
Ricky Knox suggested news that the Bank of England will keep the base rate unchanged at 0.75 per cent would do little to boost a UK economy stifled by Brexit uncertainty.
He said that whilst rates remain unchanged and growth is lagging, customers are encouraged to lock away money in competitive savings products.
鈥淚rrespective of whether we have a no-deal Brexit, the UK economy is slowing 鈥� just look at the problems with British car manufacturing,鈥� he said.
鈥淐onsumers and investors are both uncertain about the British economy. With a 鈥榥o-deal鈥� still on the table it鈥檚 unlikely that this feeling will go away anytime soon.
鈥淭he Bank of England continues to warn about the adverse effects of potential聽Brexit scenarios and I would advocate a rate cut. It should cut the interest rate to prepare the economy for a post-Brexit world.
鈥淭he economy needs a boost from lower interest rates, but in the meantime savers could look to capitalise on the current rates on offer from banks.鈥�