• Cameron Parry, Founder & CEO at Tally


• 03.02.2022 02:30 pm
#inflation #currency

Cameron Parry, Founder & CEO of Tally, says: “Despite this announcement, savers are actually worse off than three months ago as the rate of inflation is currently increasing at 1% per quarter.  So even if banks passed on all interest rate increases to savers which, let's face it, they' don't, if the BOE increased rates by 0.25% regularly it is still dwarfed by the rate of inflation.

"As inflation rapidly approaches 6%, an increase in interest rates from next-to-nothing, to slightly more than next-to-nothing, is like trying to cover a pothole with a piece of cardboard.

"Interest rates 'doubling' to 0.5% and inflation increasing at a rate that's four times faster means savers are increasingly getting burned.  The real issue impacting consumers is that they're not getting a fair deal in this monetary system.

“Consumers are caught in a no-win situation when saving in pounds as their money is losing value in real terms by the day and they need a way out. Today’s announcement highlights why people are increasingly becoming aware that they need an alternative to fiat currency when it comes to money they can save and spend and trust for their future."