Bank of England keep rates the same - but it's still not good news
The Property Nomads Podcast · Rob Smallbone & Aaron Devoy
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Show Notes
The Bank of England surprised quite a few people recently by keeping the base rate at 5.25%. With a multitude of reasons floating around as to why they have decided to do that, Rob is here to give you his own personal spin on why that's happened.
KEY TAKEAWAYS
- The Bank of England has decided to keep the base interest rate at 5.25%, which is the first time it has remained stagnant since November 2021.
- Despite some people getting excited about the rate remaining the same, there are indications that a second wave of inflation is on the horizon, particularly due to the rising price of oil.
- The current economic data may show some improvement, but the underlying supply factor has not changed, which could contribute to further inflationary pressures.
- The upcoming general election in 2024 in the UK is seen as a potential saving grace, as it is unlikely to cause significant disruptions like the US election, which could impact economic policies and decisions.
BEST MOMENTS
"There's going to be a second wave of inflation coming our way very, very soon."
"With MMT, it's just not going to work. It's just not working, and it's not going to work moving forwards either."
"Don't be surprised when that interest rate in the next couple of months, or the inflation rate, I should say, increases."
"We have a general election due for next year, 2024. And we're highly unlikely to shoot ourselves in the foot like the USA are going to."
VALUABLE RESOURCES
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ABOUT THE HOST
Rob Smallbone is the author of the Amazon best-seller Buy-To-Let: How To Get Started as well as 101 Top Property Tips and Property FAQ’s.
BOOKS
Property FAQs = https://amzn.to/3MWfcL4
Buy To Let: How To Get Started = https://amzn.to/3genjle
101 Top Property Tips = https://amzn.to/2NxuAQL
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