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What is rising inflation doing to your savings?
Posted on: 19th Apr 2017 by: CamOuse Financial Management Limited
The Office for National Statistics (ONS) recently confirmed that inflation calculated by the Consumer Prices Index (CPI) rose from 1.8% in January to 2.3% in February, a figure above both the Bank of England’s own target of 2% and the figure of 2.2% predicted by many financial commentators. This rise will obviously have an impact on how far the money in your wallet is likely to go, but what about the money in your nest egg?
Unfortunately, the recent rise means that it will be harder than ever for your savings to generate real returns on your investments. The value of any money you have in a typical high street savings account will now be eroding more quickly than before.
The rise in inflation also means that it’s now even harder to find a savings option which will actually beat the 2.3% figure. Many of the accounts which exceed this rate are help to buy ISAs, but this makes them unavailable to anyone not saving towards their first home. Other options open to all savers struggle to beat the new inflation figure – even the new NS&I savings bond, which will pay 2.2% and was heralded by the Chancellor, Philip Hammond, as offering welcome respite for savers, will no longer be able to keep pace.
Away from savings accounts, peer-to-peer lending and stocks and shares ISAs offer higher rates of return and tend to keep pace with inflation, but equally come with an increased level of risk. Only those who have sought professional advice on this form of investment, and are willing to accept they may not get back all the money they invest, should go for these options.
Whilst the present situation doesn’t offer much positivity for savers, there is some hope for the future. Whilst inflation is expected to rise further in the next few months, with some predicting it will go above 3% before the end of the summer, it is unlikely to grow beyond this and is forecast to decrease once again towards 2% during 2018.
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Lee Pooley
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Lee Pooley
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Lee Pooley
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Clive Nickalls
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Very pleased with the service provided and happy to recommend to my customers and friends and family.
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Clive Nickalls
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Matthew Theobald
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Lee Pooley
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Lee Pooley
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Lee has provided me with mortgages and appropriate insurance for both my home and lease properties. He is professional and works to get policies in place in an extremely quick time frame. I would certainly recommend Lee and CamOuse to anyone and I personally will continue to use their service.
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Lee Pooley
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I have been a client of CamOuse Financial Management Ltd for many years and have always found their services to be of the highest quality.
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Jo Kurz
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Amazing company, very friendly, professional, and always on hand to give sound advice. My family has been utilising their expertise for many years and have never been let down.
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Jo Kurz
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Jo Kurz
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The whole team at CamOuse are friendly, professional and always look after your best interests. Thanks for your help!
G Hall
Lee Pooley
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We've only been with CamOuse just over a year but would highly recommend them. We deal with Matthew who is an excellent adviser, always very responsive to questions and goes the extra mile to help.
P Carter
Matthew Theobald
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I was so pleased and relieved to find this company. Particularly pleasing is their communication - it's jargon-free, concise and clear. We've been very happy with advice given thus far, and also their responsiveness whenever we've had any queries.
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Jo Kurz
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We used Lee at Camouse to arrange our mortgage and can highly recommend him to provide an honest and professional service in this area. We will certainly return to Lee for remortgage advice in the future.
A Attewell
Lee Pooley
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Would like to extend our thanks to you and your team for a fantastic customer service as always.
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Lee Pooley
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We paid a small fee to Camouse for whole of market mortgage broker services. As first time buyers, Lee and Eve were able to guide us through the process, find us a deal and sort out the applications in a really helpful friendly and efficient way. We were very satisfied and would recommend CamOuse to others for this service.
L Humphrey
Lee Pooley
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I was extremely pleased with the quality of the service I received when arranging a mortgage as part of a house sale and purchase through CamOuse. Lee and Eve were very easy to contact and always quick to respond. I would definitely recommend their mortgage arrangement services.
G Dewdney
Lee Pooley
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Jo has been extremely helpful and very patient and I will be recommending her highly to other family and friends of mine. I do sincerely appreciate the way Jo handled my issues and also the excellent and very professional way she conducted business. She is an absolute asset to CamOuse.
C Tate
Jo Kurz
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CamOuse have been our go-to financial advisers since 2008 and have assisted with numerous mortgages, remortgages, insurances, and general financial advice. Lee Pooley and Eve Nowakowska have been invaluable during this time. We've built up an excellent relationship with both and trust them completely to do what's in our best interests. Both are an absolute pleasure to work with and I cannot recommend them, and by extension CamOuse, enough!
I Murphy
Lee Pooley
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We used the services of CamOuse to help in buying our first home and setting up our mortgage and we were extremely happy with all the advice and help we got. We spoke to Lee mostly, who was really great! Very insightful, very friendly and helpful, very patient and all-round great service. Would happily seek their help again. Many thanks Lee!
C Bolas
Lee Pooley
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We have been taking mortgage advice from CamOuse for over 20 years and are always impressed by their friendliness and professionalism.
N Amery
Lee Pooley
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Thank you to Matthew and Julie for making a huge difference in my life when I thought I was so stuck and felt there was never going to be a way to move forward.
L Smith
Matthew Theobald
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