Here’s what the BoE interest rate cut means for UK savers and investors

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In a shock move this morning, the Bank of England (BoE) has made an ‘emergency’ interest rate cut, slashing UK interest rates by 0.5% from 0.75% to 0.25%.The rate cut, which policymakers hope will bolster the economy in the wake of the coronavirus outbreak, means that UK interest rates are back to their lowest level in history again (the same level that rates were cut to in 2016 after the Brexit vote).5G is here – and shares of this ‘sleeping giant’ could be a great way for you to potentially profit!According to one leading industry firm, the 5G boom could create a global industry worth US$12.3 TRILLION out of thin air…And if you click here we’ll show you something that could be key to unlocking 5G’s full potential…Here, I’ll explain what the drop in interest rates means for UK savers and investors.Bad news for saversFor savers, the rate cut is definitely bad news. Interest rates on savings accounts and Cash ISAs were already abysmally low (well below the rate of UK inflation in many cases), and they’re now likely to drop lower due to the fact that banks use the BoE base rate as a reference point for saving account rates.At this stage, it’s still too early to know exactly how much the interest rates on savings accounts will fall by. It may take a few days or even weeks for banks to adjust their rates. However, sooner or later, interest rates on savings products will be lowered, meaning savers will receive a lower return on their money.Of course, if you’ve a fixed-rate savings product, such as a one- or two-year fixed-rate saving account, you’ll be protected from the rate cut, for now. However, when it comes time to renew your savings term, you’ll most likely find the new interest rate is significantly lower than your previous one.All things considered, it’s a tough time for UK savers at the moment. If your money is sitting in cash savings earning a pittance, you’re likely to be going backwards financially once you factor in the effects of inflation.Good news for investorsFor stock market investors, however, an interest rate cut is generally good news. There are a few reasons why. For starters, lower interest rates are a positive development for most businesses (not banks) as they lower the cost of borrowing. Lower borrowing costs can boost profits, which, in turn, can boost share prices.Secondly, when interest rates on savings accounts drop, many people look for alternative ways to boost their wealth. The stock market can be a beneficiary. More money flowing into stocks also tends to push share prices up.Note that both the FTSE 100 and the FTSE 250 indexes are up today on the back of the rate cut. Finally, when interest rates fall, the dividend yields offered by stocks become more valuable. For example, if savings account interest rates drop from 1% to 0.5%, a 3.5% yield from a high-quality FTSE 100 stock such as Unilever suddenly looks even more attractive. Again, this can push share prices higher, due to higher demand for dividend stocks.So, while today’s BoE interest rate cut is disastrous news for cash savers, it’s not bad news for everyone. If you’re invested in the stock market, there’s a chance you could benefit.last_img read more

Week recognizes women leaders

first_imgTo kick off March as Women’s History Month, Saint Mary’s student diversity board continued its celebration of Women’s Appreciation Week by recognizing women leaders, their accomplishments and their shared history with two on-campus panels.During this week, the student diversity board strives to celebrate the women “within us” rather than implementing a specific stereotype that women must fit, chair of the event Christin Kloski said.As part of the weeklong event, students host speakers and participate in discussions and panels, Student Diversity Board president Maria Del Cardenas said. More than anything, the event was meant to celebrate and empower women around the Saint Mary’s campus and community, Del Cardenas said.“I think that we all feel the importance of giving a woman the attention and praise she deserves,” she said. “Especially Saint Mary’s women, we have high levels of achievement and participate in an extreme amount of activities on campus, we are making history year after year.” Saint Mary’s held a professor panel on “Her Story” at 6 p.m. in the Student Center Lounge on Tuesday to demonstrate the depth of character that defies the stereotypical image of women and to discuss what makes professional women who they are today, Kloski said.“We want to show that our journey of becoming women is never ending,” she said. “Each student could learn something from the women and use them as a resource to guide them on their own path to becoming a strong, independent women.”The panel focused on the empowerment of women, Kloski said. “It is acceptable to be vulnerable, but a woman is also resilient,” Kloski said. “Through a journey, emotion and unknown outcomes, a woman is transformed by each experience.” The panel included philosophy professor Adrienne Lyles Chockley and communications professor Marne Austin, and each shared her “life story” with students, Kloski said. “[They] are awesome ladies,” Kloski said. “The two were the best options for the panel. Both simply explained that life is full of imperfection, and as women, we must understand that concept.”The two women also discussed how life and plans can unexpectedly change, just by the nature of the universe, Kloski said.“If life were a set plan, then it would be boring,” she said. Austin said she was approached by the student diversity board to partake in the panel because she lives for women’s empowerment everyday.“The reason I’m here at Saint Mary’s College is because I believe in the inherent power, brilliance, resilience, heart and compassion of, for and with women and those who identify as gender minorities,” Austin said. Kloski said women could act as a huge presence in today’s world every day. “What we do in our everyday life guides us to find our path to becoming a woman,” Kloski said. “It is okay to be vulnerable. It is normal to be imperfect.”As members of an all women’s college, students at Saint Mary’s should build one another up and unite to form a place where they can fully express and develop their emotional, mental and physical identities, Kloski said.“We need to support one another as women because we each go through the same discrimination,” she said. “It is a recognition that we are all vulnerable and it is a need for unity to understand perfection.”Kloski said an ambition board was held during lunch hour in the Noble Family Dining Hall on Wednesday to discuss the theme of, “I will be… I am… I admire…” “Women live in a patriarchal society in which are voice is limited or hushed,” Kloski said. “This week, we want to hear the ‘hushed’ voices.“The week goes in full depth on how to become a woman with not only a voice, but a mind that is not limited but opens itself to all opportunities.” Austin said she has all the hope and confidence in the world for the students of Saint Mary’s.“[The students] all are full of brilliance, tenacity, and resilience,” she said. “Where we can improve is in the area of perfectionism. There is no such thing as perfect.Though Women’s Appreciation Week only runs through Feb. 28, there will be a showing of the film, “Women, War & Peace” on March 5 to celebrate International Women’s Day, Del Cardenas said. “We hope that by the end of the week, students are empowered to continue to be catalysts of change, both locally and internationally by hosting diverse point of views on leadership,” Del Cardenas said.Tags: Student Diversity Board, Women’s Appreciation Weeklast_img read more

Jamestown Man Pleads Guilty In Drug Trafficking Case

first_imgFile mugshot image by Jamestown Police.BUFFALO – A City of Jamestown man has plead guilty in connection with a 2019 drug trafficking case.Federal prosecutors say Terrence McRae, 40, plead guilty to possessing with intent to distribute methamphetamine in a Buffalo Courtroom this week.They say McRae could spend a maximum sentence of 20 years in prison and see a $1,000,000 fine.In September 2016 McRae was arrested after Jamestown Police raided a Newland Avenue Apartment. Inside the house, investigators allegedly recovered nine plastic wax baggies with skull and Viking hat logos, methamphetamine, marijuana, three suspected alprazolam pills, two cell phone and a black scale.Charges are still pending against co-defendants Richard Kinsey and Brandi Whitford who were also arrested in the raid. Share:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to email this to a friend (Opens in new window)last_img read more