How will Brexit affect personal loans and other family finances?

The ‘B’ word has been all over the media in the last month. The Prime Minister Theresa May officially triggered Article 50 on 29th March, starting the process of removing the UK from Europe. Wherever you stand on the issue, there’s no doubt that this is the start of a period of significant change for the UK. Brexit is likely to affect many different areas of our lives, from the prices we pay, to the way that we travel. Perhaps the most significant impact of Brexit will be the way that it affects UK personal finance, the way we borrow, save and spend. Brexit and personal loans The most important factor in terms of the impact of Brexit on personal loans (more at is interest rates. At the moment interest rates are low – the Bank of England Base Rate is 0.25%. This is a record low for the UK and has meant that borrowing is (comparative to pre-2008) cheap. Many lenders – especially mortgage lenders set their interest rates using the Bank of


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