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Bad news for UK savers

The recent indication from the Bank of England that UK base rates will fall further from the current 1.5% level has sent many savers scouring the Internet and financial advisers to find the best savings packages on the market. For many savers the forlorn hope that they can in some way lock into a substantially higher rate in these times of low interest rates could be well wide of the mark. But what can UK savers actually do?

While the government still ponders its next move regarding savers in the UK, with suggestions of tax relief or a similar gesture, it is vital that professional financial advice is taken at the earliest opportunity in order to try and at least safeguard current income levels. While many would have seen their returns fall drastically over the last few months this could be nothing compared to the future fall if UK base rates move to around 0%.

It is also vital that those with savings to invest are not attracted to financial instruments and offers which literally look too good to be true. As more and more savers become more and more desperate it is inevitable that more risky savings instruments will be introduced by certain elements of the worldwide financial market, with savers potentially putting their money at risk if they sign up. If it looks too good to be true then it probably is!

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