" With the global economy currently strong, it is no surprise that the MPC feels the UK can sustain another quarter percentage increase in rates."
“What must be considered though is whether, with other factors such as rising fuel prices putting pressure on the public’s pockets, could the Committee’s efforts backfire and cool the economy too rapidly?
“Regardless of this, I’m sure that savers will be very glad to see a continuing shift in the balance of interest rates in their favour.
"As the Society with the lowest interest margin, we are keen to ensure that both investors and borrowers benefit from our competitive advantage, so we are currently reviewing our options to ensure a fair balance of rates across our product range. We hope to make a decision regarding Skipton Building Society’s rates next week. It is worth pointing out that any delay in making possible increases to lending rates is in the interest of our borrowers, although those with both mortgages and investments tracking the base rate will see their rates reflect the full rise, with effect from 25 June."
