Savings specialist Kevin Brown comments on today’s inflation announcement

"While inflation is down again, it has fallen less than expected and reaffirms the bank’s willingness to keep rates at higher levels. The path to bringing inflation down has been bumpy, leaving savers guessing as to whether they’ll see cash returns start to fall.

"The stubbornness of price rises suggests savers have less to be worried about for now, but in the medium-term rate cuts will come, particularly as GDP flatlines and the jobs market is showing signs of struggling.

"Despite these surprise figures, rate cuts are expected to start in the summer so time is running out for savers to maximise potential cash returns. As cash products will feel the impact when the rate cuts come, those looking to save for the medium- to long-term may want to consider investment options to try and generate more consistent returns"

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About Scottish Friendly

Scottish Friendly is a leading UK mutual life and investments organisation. It provides investors and their families with a wide range of investment and protection solutions and provides life and investment products and services to other financial organisations.

Scottish Friendly has roots stretching back to 1862. Established as the City of Glasgow Friendly Society, its name changed in October 1992 when it took over Scottish Friendly Assurance.

In recent years Scottish Friendly has significantly restructured its business. The Group has flourished through a three-part growth strategy of organic growth, mergers and acquisitions, and business process outsourcing.

Scottish Friendly, Galbraith House, 16 Blythswood Square, Glasgow, G2 4HJ

Scottish Friendly Assurance Society Limited. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.

Scottish Friendly Asset Managers Limited. Authorised and regulated by the Financial Conduct Authority.