Despite a lot of bluster in the months leading up to it, the recent decision by the Bank of England to hold base rates at 0.5 per cent was no surprise given the string of underwhelming economic data that emerged in the days prior to the announcement.
Only a week ago, markets had priced the likelihood of a Bank of England (BoE) rate increase at 86 per cent. Mortgage providers, somewhat dubiously, even built this into their lending rates, especially the big banks.
Following their inception at the end of the twentieth century, the popularity of ISAs initially soared. Unlike so many savings and investment products which intertwine with Britain’s fiendishly-complicated tax system, ISAs – and, in particular cash ISAs – presented a simple and straightforward means through which consumers could build their nest eggs.