Interest rates for savers in UK hit an all time low with an average interest rate of just 0.17 per cent for instant access accounts. As per Bank of England data, the average interest rates for instant access accounts, including current accounts, came down from 2.69% same time last year and 0.28% at the end of January this year. On the other hand, the interest rates for tax free individual savings account also came down since last year, only faster. At an average interest rate of 0.96% at the end of February, it has fallen from 5.06% same time last year.
Meanwhile, the UK government is all set to pump more money to the economy. The Bank of England, in its attempt to boost the UK economy, is planning to inject £75bn into the economy over the next 3 months. It became necessary, with the interest rates approaching zero and deflation becoming a growing possibility.
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